Rick Rieder, BlackRock's global fixed income chief investment officer, said the unexpected drop in U.S. nonfarm payrolls last Friday reflects a 'productivity revolution' driven by the AI era. Companies are learning to boost output without adding staff, he argued, adding that adjusting the federal funds rate won't solve the problem and rate hikes no longer make much sense.
Odaily Planet Daily reported that regarding the unexpected negative turn in Friday's U.S. nonfarm payroll data, Rick Rieder, BlackRock's global fixed income chief investment officer, said the surprisingly weak employment data last month reflects exactly the "productivity revolution" of the AI era. He argued that the decline in nonfarm payrolls shows American companies are learning how to expand output without increasing their headcount. "I don't think adjusting the overnight federal funds rate really solves the problem — we've seen this before... I just think raising rates doesn't make much sense now," he said, according to Cailianshe.
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