E.J. Antoni

All the net job growth last month came from part-time jobs.

So it really seems like people—

in response to the higher cost of living from gas and diesel prices going up so much, clearly went out and got second or third jobs.

And the result of that, again, is you can, I think, square the circle on all these seemingly conflicting data points.

Well, you're right.

The economy does have some major, major headwinds.

Energy is the big one, right?

But what are some tailwinds?

AI is both a headwind and a tailwind here.

Yes, it's going to eliminate some jobs, but it's creating others.

This is just like any other technological development.

Think of the smartphone.

How many app developers were there before the smartphone existed?

Things like Uber and Lyft weren't even possible before the smartphone.

So a

There are all kinds of jobs that get created just as jobs get eliminated anytime you get these new technological developments.

Aggregate demand is a fallacy.

Demand is infinite.

And so, again, yes, you're going to have some jobs eliminated, but you'll have even more created.

That's the result.