(VitalNews.org) – Immigration has been helping the United States job market immensely whether it’s coming from authorized or unauthorized immigrants. The job market has been surprisingly high when taking into account the high inflation and interest rates, but immigrants are to thank for this.
In May, a report showed that the U.S. economy added over two hundred and seventy thousand jobs which was well above the projection of one hundred and ninety jobs to be added during that month. The Bureau of Labor Statistics reported that consumer prices in May actually remained unchanged and even fell in comparison to what the report showed previously.
Cooling inflation and a jump in the job market are to blame for the increase in immigrants, but this seems to have been a benefit for the country. Goldman Sachs analysts said, “Recent immigrants have flowed disproportionately into the parts of the labor force that were particularly tight in 2022, contributing to labor supply in places where it was most badly needed.”
Moody’s Chief Economist Mark Zandi spoke out about the immigrant surge and how it’s affecting the labor market. “The immigration surge poses lots of challenges to communities across the country, but it came at a very fortuitous time to help ease the labor market pressure, when the Fed was working hard to do it by interest rate hikes,” he said.
Federal Reserve Chair Jerome Powell also spoke out about the labor force supply and how it’s been increased because of the immigrants. “We’ve seen labor force supply come up quite a bit, through immigration, through recovering participation,” Powell said.
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