AI Investment Could Create 500,000 US Jobs; Government Shutdown Delays Jobs Report
A new report from the ALFA Institute suggests a $100 billion investment in US data center construction could create 500,000 jobs over five years. Meanwhile, the government shutdown has delayed the September jobs report, with Sen. Elizabeth Warren urging its release. The Trump administration is also considering military strikes in Venezuela.
The report, created by McKinsey & Company, projects that this investment would boost GDP by $140 billion and increase tax revenue by $800 million. Most jobs would be in manufacturing, but other sectors like transportation and real estate would also benefit.
The government shutdown has entered Day 3, with Democrats likely to reject a House bill and the Senate adjourning for the weekend. Warren has warned that withholding the September jobs report could hinder the Fed's decision-making. Employers are grappling with conflicting private-sector reports on September job losses, with ADP showing a loss of 32,000 jobs and Revelio reporting an increase of 60,000 jobs.
Former GOP Rep. Garret Graves has argued that regulatory and permitting reform is crucial for the US to stay ahead of China in the AI race. The Trump administration is also weighing military strikes inside Venezuela as part of its campaign against drug cartels.
The ALFA Institute's report offers a positive outlook on AI's economic impact, contrasting with worries about mass layoffs. However, the government shutdown has caused uncertainty, with Warren pushing for the release of the September jobs report. The situation in Venezuela remains tense, with the Trump administration considering military action.
