A JPMorgan exec explains why AI will create a more resilient job market than doomsayers predict

• AI doomsday scenarios have been part of the market zeitgeist in 2026.

• Yet, JPMorgan’s Stephen Parker thinks the tech isn’t going to crush the job market.

• Others have argued AI will reshuffle rather than shrink the labor market.

AI doomsaying is hot in 2026

While markets are still bulled up on the prospect of an AI-fueled earnings bonanza, economists and labor-market pros have begun to fear a jobs wipeout coming as the technology grows more powerful.

But there’s a growing chorus of contrarians in that regard, as well, who think that AI won’t be the job killer many fear.

Stephen Parker, co-head of global investment strategy at JPMorgan Private Bank, doesn’t think investors need to be worried about dire effects of AI on the economy.

“I think what you’re seeing is that companies are realizing that AI has the potential to upskill workers, rather than obsolete workers and that’s what’s causing more resilience in the labor market than some are worried about,” he told Business Insider in a recent interview.

Parker highlighted that while Wall Street may be uber bullish on AI, that sentiment doesn’t extend to Main Street. Citing recent surveys, he noted that only 30% of Americans currently view AI favorably.

While the ongoing narrative of companies laying off workers due to AI may be fueling the negative sentiment, he also noted that conditions in some areas are starting to shift. He cited a chart from JPMorgan’s mid-year outlook report, which showed software job listings outpacing listings in the broader labor market.

“That is one of the concerns that a lot of our clients have when they think about the impact of AI on labor markets,” Parker said. “You see headlines around potential unemployment spikes because of AI, but we’re not seeing that.”

JPMorgan’s data is in line with other findings that show certain labor segments are booming, defying the AI doomers. Job postings for forward-deployed engineers have surged 700% in the past year.

The bank noted in its outlook that throughout history, industrial transitions driven by technology have created more jobs than they’ve eliminated. This is similar to an argument made by Apollo chief economist Torsten Slok, who recently argued that AI will reshuffle the labor market instead of shrink it.

The mid-year outlook didn’t downplay the fact that AI has disrupted jobs and could continue to do so in the coming years. But it also highlighted the fact that overall, evidence of it causing actual damage to employment remains minimal.

“Market pricing for both human labor and GPUs, and empirical evidence from the labor markets, suggest that agentic AI models still can’t outperform knowledge workers,” the bank’s report said.

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