AXIOS (Neil Irwin) - AI is only "part" of high U.S. productivity growth, says Stripe economist
AI appears to improve workers' efficiency in a number of sectors. The U.S. has experienced a surge in economy-wide productivity in the last couple of years. But the former isn't necessarily driving the latter. The big picture: Companies are achieving more output per person-hour of labor because they are making better use of existing capital, a provocative new analysis finds — not, at the moment at least, by making major use of AI. - AI advances may be generating substantial micro-level gains in some sectors, but so far are not the driver of one of the most important macro trends of the last couple of years, finds Ernie Tedeschi, chief economist at Stripe. State of play: A surge in labor productivity — after a couple of decades of…