Bank of America CEO Brian Moynihan offers words of encouragement to Gen Z, who fear AI’s impact on the job market. The bank recently hired 2,000 top grads from 200,000 applications, acknowledging young people’s uncertainty about the future. Moynihan hopes to use AI efficiencies to invest in company growth.

Moynihan believes Americans focus too much on the Fed’s impact on the economy, arguing that the private sector is a more crucial driver of economic growth. Jerome Powell and economists validate Gen Z’s “hiring nightmare,” tied to a low-hire, low-fire labor market and the rapid automation of entry-level roles.

Powell highlights a stagnant low-hiring environment for recent college graduates, exacerbated by AI automation and slower overall job creation. Employers are using AI to automate tasks, leading to a decrease in entry-level job postings and rising “despair” among young workers. The tech industry’s aging workforce further compounds the job market challenges for Gen Z.

Read more at Yahoo Finance: Bank of America CEO says he hired 2,000 recent Gen Z grads from 200,000 applications, and many are scared about the future