Bloomberg Surveillance · Friday, October 2, 2026
Significant capital expenditure, particularly in AI, is contributing to economic growth, with projections suggesting it could account for 3.6% of GDP for a decade. However, this investment is not directly translating into a proportional increase in job creation, leading to economic imbalances.
“So you've got this boost to growth, but as we just saw, it's not necessarily translating into an equal number of jobs. We have this need for energy that's pushing up inflation at the margin. And as Claudia Psalm just mentioned, love to see her before me, although it's a lot of pressure on me. It sucks away from everything else. And when I say sucks away, I mean you don't have enough construction workers because they're all building data centers. You have pressure higher on treasury yields because you are now competing with all that AI debt.”
“It's the AI capex. It's the wealth effect.”