A small business in Virginia Beach is leveraging artificial intelligence (AI) to provide mental health counseling for children in the foster system. Here Now Health, founded by Michelle Turner, has grown from an idea to a 16-employee company in just over a year, thanks in part to AI tools that helped Turner develop a business plan and secure funding.
AI’s Role in the US Economy
The rapid emergence of AI is transforming the US economy, with potential implications for productivity, growth, inflation, and labor demand. Federal Reserve officials are closely monitoring the situation, with one panel focused specifically on AI’s impact on productivity.
While some analysts warn of the potential for AI to displace workers, others see it as an opportunity for growth and innovation. Torsten Slok, chief economist at Apollo Global Management, attributes a recent upturn in new business formations to AI, which is “dramatically reducing the cost and complexity of launching a company.”
Richmond Fed President Thomas Barkin notes that AI is easing worker shortages in some skilled occupations, but also acknowledges the potential risks of job displacement. As the US economy continues to evolve, it remains to be seen how AI will ultimately shape the future of work and entrepreneurship.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
