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Since ChatGPT launched in November 2022, the U.S. economy has shown a striking contrast — soaring stock markets and shrinking job listings. The S&P 500 has jumped over 70 percent, while job vacancies have fallen nearly 30 percent in the same period. This unusual pattern has sparked debate: is artificial intelligence truly reshaping the job market, or are other economic forces at play?

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The decline in job openings actually began months before ChatGPT’s debut. Data shows vacancies peaked around March 2022, when the U.S. Federal Reserve started hiking interest rates to curb inflation. As borrowing costs surged, companies cut back on hiring and investments, slowing the pace of job creation across industries.

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Analysts point out that the Fed’s tightening cycle has bee

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