Bureau of Labor Statistics data shows the currency's buying power has fallen to roughly 3 cents of 1913 value while generative AI use in the workforce rose to 41%.
The US dollar has lost about 97% of its purchasing power since the Federal Reserve was created in 1913, with a 1913 dollar buying roughly 3 cents of today's goods according to the U.S. Bureau of Labor Statistics CPI-U.
According to US Federal Reserve calculations, 41% of the workforce now uses generative AI in their activities, up from 31% in the previous year.
The read here is that the long-term erosion of currency value coincides with a sharp acceleration in artificial intelligence adoption across the labor force.
By Marcus Vance · 8w