Top economist claims zero evidence of AI job losses despite 116,000 tech layoffs in 2025

Apollo economist challenges AI job displacement narrative

Torsten Sløk, chief economist at Apollo Global Management, has sparked debate by declaring there is "zero evidence" of AI job losses, despite mounting concerns about artificial intelligence reshaping the workforce 1

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. In a blog post titled "Zero Evidence of AI-Related Job Losses," Sløk cited ADP employment data showing private companies added almost 110,000 people to their payrolls in April 1

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. Rather than reducing headcounts, Sløk argues many firms are hiring AI implementation experts, data center staff, and infrastructure workers to support the AI boom and employment expansion 2

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Jevons Paradox drives demand despite efficiency gains

Sløk's analysis leans heavily on Jevons Paradox, an economic theory suggesting that greater efficiency can paradoxically increase overall demand rather than reduce it 3

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. "The bottom line is that the AI spending boom is stoking both employment and inflation," Sløk writes, describing how cheaper technology creates more demand and more jobs 1

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. He reframed AI's impact on job displacement as a shift rather than a net loss, noting that sectors most impacted by AI—including semiconductors, data centers, energy, networking, and cloud—are experiencing wage growth and increased hiring 2

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Tech industry layoffs tell a different story

The claim that AI killing jobs is unfounded appears disconnected from reality for thousands of displaced workers. There have been almost 116,000 tech industry layoffs so far in 2025, quickly approaching the 124,000 seen for the entirety of 2024, with a massive number tied to AI through direct job replacement or resources redirected toward AI infrastructure 1

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. Just last week, Wix laid off 1,000 people while citing the "fast evolution" of AI 1

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. Earlier this year, Block laid off over 4,000 people and explicitly stated it was because AI reduced staffing needs, while Intuit, Meta, Amazon, Cisco, and IBM have all made similar moves 1

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Growing concerns about AI and labor market disruption

Challenger, Gray & Christmas reported that AI was the leading reason cited for announced layoffs in April, accounting for 21,490 planned job cuts 3

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. Senator Elizabeth Warren recently warned that artificial intelligence could trigger mass layoffs and called for stronger worker protections if large-scale displacement occurs 3

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. A recent survey of almost 1,000 executives found that 99% expected AI to lead to reduced worker numbers at their companies in the next two years 1

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Industry leaders downplay AI's impact on employment

Sløk's position aligns with recent statements from tech executives heavily invested in AI. OpenAI boss Sam Altman said he was "delighted" that his AI jobs apocalypse prediction was wrong, while Box CEO Aaron Levie, Dell boss Michael Dell, and Goldman Sachs CEO David Solomon have expressed similar opinions . Critics argue that companies often label cost-cutting measures as AI-related job losses to justify decisions driven by overhiring and changing priorities 2

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. While jobs are being created through AI adoption, many tech giants cutting workers have simultaneously opened positions in high-growth areas, supporting the narrative of workforce transformation rather than elimination 2

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