INSIGHT · GLOBAL
Apollo chief economist: AI hitting wage growth, not jobs, first
Torsten Slok, Apollo Global's chief economist, argues AI's labor market impact is visible in wage suppression (not layoffs yet). Employers use AI to flatten wage pressure before headcount cuts.
WHY IT MATTERS
Suggests AI-driven labor productivity shows up in profit expansion before unemployment; wage deflation likely to precede headline job losses. BFSI risk: consumer income stagnation narrows lending/deposit margins.
Source: PYMNTS · 2026-08-23