Cathie Wood Points to Strong August Jobs as a Sign of Technology-Driven Deflation

ARK Invest founder Cathie Wood stated that the August employment report showed a non-farm payroll increase of 162,000, with household survey employment growth exceeding 500,000, an increase in average workweeks, and a well-functioning economy. Overall inflation stands at 3.7%, with other measures closer to 2%. She believes that oil prices could fall to $30, stocks are reaching all-time highs amid rising interest rates, capital expenditures have broken through a 20-year ceiling, and Bitcoin is decoupling from gold, while companies embracing artificial intelligence are creating jobs at a faster pace. Wood thinks these signals may mark the beginning of stronger real growth and technology-driven deflation, as the current consensus is pricing for the old economy while the new economy is forming.