Bubble or Delayed Effect: ECB Finds No Trace of AI Impact on US Wages

Macroeconomic data is cooling the tech hype. On June 22, 2026, the European Central Bank (ECB) published the results of a study on the US labor market. The verdict: despite astronomical corporate investments in AI infrastructure, the impact of artificial intelligence on overall employment and wages remains "muted" so far.

This is a crucial signal for investors and regulators. The absence of mass layoffs and wage deflation indicates the high inertia of the real economic sector. Corporations are purchasing computing power and licensing Enterprise solutions, but the process of restructuring business processes and actually replacing human capital with autonomous agents takes years, not months. The AI boom is currently localized in the CAPEX (capital expenditures) sector of tech giants and has not yet translated into massive structural macroeconomic changes. Businesses still have a time lag to adapt.

Source: European Central Bank / Reuters