Free NewsletterPro Login

The White House Says AI Isn't Killing Jobs As Tech Layoffs Pile Up

Published May 11, 2026
Share:
Summary:
  • Kevin Hassett, White House National Economic Council director, said there is "no sign in the data" that AI is taking jobs.
  • Amazon, Meta, Oracle and Block have all announced AI-related layoffs in recent months.
  • Block cut nearly 4,000 jobs in February, citing a shift to smaller teams using AI.

The White House just delivered a sunny message on AI and jobs. The companies actually deploying AI are sending a different one.

Kevin Hassett, who runs Trump's National Economic Council, told CNBC Monday that AI is not costing anyone a job right now. He said the administration has a "big taskforce" studying what it could mean for workers down the line.

The Layoffs Tell A Different Story

Block announced in February it would lay off nearly 4,000 employees, roughly half the company. The cuts came from a CFO memo that pinned the move on AI.

"We are choosing to shift how we operate at a time when our business is accelerating and we see an opportunity to move faster with smaller, highly talented teams using AI to automate more work," wrote Block CFO Amrita Ahuja.

Amazon, Meta and Oracle have all announced cuts in recent months that lean on the same logic. Fewer workers, more output, AI fills the gap.

The pattern is consistent across the largest tech employers. Each round of cuts has been framed less as cost-cutting and more as a workflow shift.

Every morning, Market Briefs breaks down what moves like this mean for your money in five minutes, plus a free investing masterclass when you join.

The Macro Case Behind It

Hassett's broader pitch is that AI is fueling a productivity boom and a 4% growth forecast. The White House sees companies racing to build factories and data centers, helped by AI investment and the bonus depreciation tax cut.

In that frame, AI is a profit engine that lifts the whole economy. Earnings rise, investment rises, and hiring eventually catches up.

The catch is the gap between the macro and the office. Productivity gains show up in earnings reports before they show up in jobs data.

Workers tend to feel the layoff before economists see the trend.

Worth Noting

The two stories do not have to be wrong at the same time. AI may not be denting national employment numbers yet while still gutting specific teams at specific companies.

Both can be true. The administration's own taskforce on AI and work is still gathering data, and Hassett said the results will inform policy down the line.

For investors, the cleaner read is in earnings calls. Margins are widening at firms that have made AI a headcount story, and that has shown up in stock prices even as the human cost piles up.

White-collar jobs in customer service, copywriting, basic coding, and back-office roles have been hit hardest in the recent rounds. Those are the same job types most exposed to large language models that can already do parts of the work.

Tech is also where the AI tools land first, which makes the sector an early read on what could spread to the rest of the economy.

The next jobs report will say more than the next press release.

Join 350,000+ investors reading Market Briefs and get a 45-minute investing course thrown in when you sign up.

Disclosure

Get Market Briefs delivered to your inbox every morning for free!

No fluff. No noise. No politics. Just finance news you can read in 5 minutes.

Blogs

May 5, 2026
How to Create Multiple Income Streams: A Beginner's Playbook
  • Most people rely on a single income stream from their job - which is also the most heavily taxed.
  • Multiple income streams come from a mix of cash flow, dividends, side businesses, real estate, and royalties.
  • The fastest path for most beginners is starting with one extra stream - usually dividends or a side hustle - and stacking from there.
Read More
May 5, 2026
The 60/40 Portfolio Explained: A Beginner's Guide
  • A 60/40 portfolio holds 60% in stocks and 40% in bonds (or other fixed income).
  • It's designed to balance growth from stocks with stability from bonds.
  • Your "right" mix depends on age, time horizon, income needs, and how well you sleep when markets drop.
Read More
May 5, 2026
How to Invest in Silver: A Beginner's Guide
  • Silver is both a precious metal and an industrial metal, used in solar panels, electronics, and medical tech.
  • Investors can buy silver four main ways: physical bars and coins, ETFs, mining stocks, or futures contracts.
  • Most beginners are best served by allocating a small slice of their portfolio to silver - usually between 1% and 3%.
Read More
May 1, 2026
Asset Allocation by Age: The Right Portfolio Mix at Every Stage of Life
  • Younger investors should hold mostly stocks because they have decades to recover from crashes and benefit from compounding.
  • Allocations gradually shift toward bonds and stable income as retirement approaches, but stocks remain important even past age 65 to outpace inflation.
  • Annual rebalancing is essential - it forces you to buy low and sell high while keeping your portfolio aligned with your actual life stage.
Read More
April 30, 2026
Stablecoin Explained: Why Some Cryptocurrencies Actually Aren't Volatile
  • Stablecoins are cryptocurrencies pegged to stable assets like the US dollar, giving crypto-style speed and access without the volatility of Bitcoin or Ethereum.
  • Fiat-backed stablecoins like USDC are the safest option, while algorithmic stablecoins have failed spectacularly and should generally be avoided.
  • Stablecoins fit a portfolio as cash reserves with better yields, a hedge against crypto volatility, and a fast, cheap rail for international transactions.
Read More
April 30, 2026
Buy Now, Pay Later Risks: Why This "Easy" Payment Method Is Dangerous to Your Wealth
  • Buy now, pay later services like Klarna, Affirm, and Sezzle are debt products designed to feel harmless while keeping users in a cycle of overspending.
  • BNPL exploits psychological debt blindness, triggers late fees, and damages credit scores without helping users build positive credit history.
  • Building real wealth means waiting 30 days, paying upfront when you have the cash, and avoiding systems built to extract money from your future income.
Read More
April 30, 2026
Dividend Payout Ratio: The Secret Metric That Shows If a Stock Is Safe or Risky
  • Dividend payout ratio is total dividends paid divided by net income, showing the percentage of earnings a company returns to shareholders.
  • A 20-50% payout ratio is generally safe and sustainable, while ratios above 75% often signal a dividend cut is coming.
  • High dividend yields can be warning signs, not opportunities - safety and dividend growth matter more than the headline yield number.
Read More
April 30, 2026
Ethereum for Beginners: What It Is and Why Smart Investors Are Paying Attention
  • Ethereum is a blockchain platform that runs smart contracts, while Ether (ETH) is the cryptocurrency that powers the network.
  • Use cases include decentralized finance, NFTs, gaming, supply chain tracking, and digital identity - many still experimental.
  • Most investors should treat Ethereum as a small allocation hedge using dollar-cost averaging, not a get-rich-quick lottery ticket.
Read More
April 30, 2026
Dollar Cost Averaging Strategy: How to Beat Emotion and Build Wealth Steadily
  • Dollar cost averaging means investing the same amount at regular intervals regardless of what the market is doing.
  • The strategy automatically buys more shares when prices are low and fewer when prices are high, lowering your average cost over time.
  • DCA removes emotion, eliminates the need to time the market, and turns volatility into a mathematical advantage for long-term investors.
Read More
April 30, 2026
The BRRRR Strategy: How to Build Real Estate Wealth Without Big Money Down
  • BRRRR stands for Buy, Rehab, Rent, Refinance, Repeat - a five-step framework for scaling real estate without saving for big down payments.
  • The strategy works by buying distressed properties below market value, adding value through smart renovations, and pulling out equity through refinancing.
  • Tax advantages like depreciation and mortgage interest deductions make BRRRR a powerful tool for owners willing to manage tenants and contractors.
Read More
1 2 3 20
Share via
Copy link