Apollo chief economist Torsten Slok said recent labor-market data show no evidence that artificial intelligence is causing job losses, arguing instead that AI-related spending is supporting hiring in several parts of the economy.
In a note published by Apollo, Slok pointed to weekly ADP employment data and said the figures do not show a pattern of layoffs tied to AI adoption. He said firms are not simply replacing workers with software. In many cases, they are adding staff with expertise in implementing AI systems.
Slok also said the rapid buildout of data centers is creating additional demand across the supply chain. According to his view, that investment wave is pushing up pay for AI specialists and increasing prices for semiconductors, equipment and energy.
The economist summarized the effect as a boom in AI spending that is lifting both employment and inflation. He suggested that the technology investment cycle is broad enough to affect the labor market and pricing even before any efficiency gains are fully realized.
Apollo said the labor data could imply a stronger-than-expected U.S. jobs report for May. Slok argued that nonfarm payrolls may come in well above the 95,000 jobs forecast by the consensus estimate. His comments were framed as an interpretation of the available data rather than a formal forecast from Apollo.
The note also invoked Jevons paradox, the economic idea that when a technology becomes cheaper or more efficient, total demand for it can rise rather than fall. In Slok’s telling, AI is following that pattern. As the tools become more powerful and less expensive to deploy, companies are using them more widely, which in turn is creating more demand for labor in adjacent areas.
That view runs counter to a common concern that AI will rapidly eliminate jobs across white-collar industries. Slok’s comments suggest that, at least in the current phase of adoption, the bigger labor-market effect may be on the hiring side. Businesses are adding workers to install, support and scale AI systems, while the infrastructure needed to power those systems is also drawing investment.
The Apollo note was based on a chart of weekly ADP employment data and cited Bloomberg and Macrobond as sources, along with Apollo’s own analysis. The firm included its standard disclosure language, noting that the material reflects the speaker’s current judgment and that projections may change.
For now, the key takeaway from Apollo’s latest commentary is narrow but notable. Slok says the data do not yet show AI-related job losses. Instead, he sees an economy in which AI deployment is still creating work, adding pressure to wages in specialized fields and contributing to broader inflationary pressure through the ongoing investment cycle.