Sacks says AI accounts for only 4.7% of year-to-date layoffs, likely inflated since CEOs blame AI for poor performance.
“So only 6,000. And if you look at the year to date in the Challenger Gray report, AI has only accounted for 4.7% of total layoffs.”
Sacks cites November Challenger Gray report showing only 6,000 U.S. layoffs attributable to AI, down 53% from October spike.
“The number fell by 53% and only about 6,000 of the layoffs that were announced in November in the entire country were attributable to AI.”
Sacks cites Vanguard study showing AI-exposed occupations have 1.7% job growth and 3.8% wage growth versus lower rates elsewhere.
“So if you look at job growth in occupations exposed to AI, it's 1.7% compared to 0.8% for other. For wage growth, it's 3.8% versus 0.7% for other.”
Sacks claims vindication as AI job narrative shifted from loss to gains, matching his January prediction.
“And over the past week, you've now seen the narrative shift, I would say almost completely, towards that position.”