WASHINGTON, Nov. 4, 2025: A striking divergence between the U.S. labour market and financial markets is drawing attention from economists analyzing recent data. According to figures compiled by the Bureau of Labor Statistics and market-trackers, job-vacancy levels peaked at approximately 11.5 million in March 2022 and have since fallen to about 7.18 million by August 2025, representing a decline of nearly 30 %. At the same time the S&P 500 index rose from roughly 3,840 to nearly 6,700 a gain of about 70 %. Economist Derek Thompson has identified this unfolding pattern as “the scariest chart in the world”. He writes that this divergence is not primarily caused by artificial intelligence (AI) but rather by the monetary-policy tightening actions of the Federal Reserve, which began raising interest rates in March 2022 in response to inflation pressures.
Thompson argues that interest-rate hikes raised borrowing costs across the economy, particularly affecting interest-sensitive sectors such as construction and manufacturing where job vacancies have fallen most sharply. In contrast, sectors geared toward technology-driven growth and capital investment have powered the stock-market surge, particularly firms tied to AI developments. In parallel with these macroeconomic movements, a new wave of job postings in the gig-economy space is emerging. Uber Technologies last month introduced a pilot programme called “Digital Tasks” in the United States that offers drivers and couriers the opportunity to earn extra income by performing short online tasks such as uploading images, recording voice samples or submitting written documents.
New gig economy roles emerge in AI training
These micro-tasks are designed to assist in the training of AI models and are optional for participants. The digital-tasks initiative expands Uber’s driver-app ecosystem, allowing workers to access earning opportunities even when not actively transporting passengers or deliveries. The company stated that eligible participants will see invitations in the app’s “Work Hub”, and that earnings from completed tasks will be credited within 24 hours. The combination of falling job openings and rising equity markets has stimulated discussion about structural shifts in the economy. While AI remains part of the conversation, Thompson’s interpretation emphasises that the predominant driver of the recent employment weakness is monetary-policy-related rather than technology-driven workforce displacement.
Inflation control policies weigh on hiring rates
At the same time layoffs continue to mount across white-collar and management roles in several corporations, underscoring signs of stress in the labour market. Although firms often cite AI or automation as reasons for workforce reductions, commentators note that broader macroeconomic headwinds such as higher rate costs and weak consumer demand are also prominent factors. For policy-makers and economic analysts the prevailing question is how to interpret this split between capital markets and labour markets. The data point to a decoupling that challenges the historical alignment between equity gains and robust hiring. Understanding where employment growth is lagging, and the nature of jobs being created or lost, will be critical for forecasting labour-market resilience. – By Content Syndication Services.