Search results for New York Fed
AI & Enterprise
Reskilling rather than layoffs: Companies\' employment changes after AI adoption draw attention
A survey found that as AI adoption spreads, companies tend to retrain existing employees or hire workers needed to use AI rather than conduct mass layoffs. The New York Fed surveyed firms in New York and northern New Jersey. Over the past six months, 4 percent of service firms using AI said they laid off staff because of AI, while manufacturing reported no AI-related layoffs. Training and limited investment were common.
Crypto
Oil prices ease but gasoline inflation lingers; July U.S. CPI seen as turning point for bitcoin
Bitcoin has recovered to around $63,500 on slower U.S. job growth and a weaker dollar, but analysts see gasoline prices as the key variable for further gains. Markets are watching the June U.S. CPI due on July 14. Oil prices have fallen back toward pre-war levels, but gasoline futures and pump prices remain elevated. Fed messaging is mixed, and Citi cut targets while citing ETF outflows.
Crypto
XRP Binance scarcity index hits two-year high as SHIB sees big transfer and Strategy sells BTC
The amount of XRP available to trade on Binance is shrinking, pushing the exchange’s XRP scarcity index to its highest level since last summer. Analysts say reduced exchange supply could amplify price swings if ETF inflows continue. Separately, a wallet using BitGo custody transferred 114.9 billion SHIB to new cold wallets. In bitcoin, Strategy sold 3,588 BTC for about $216 million, lifting cash holdings while still holding 843,775 BTC.
