Recent spikes in immigration at the southern border and elsewhere in the U.S. have helped to keep the labor pool full, even as job gains kept apace.
Immigration has helped the U.S. job market sustain a fiery run in recent months without reigniting inflation, economists and analysts say.This dynamic — a hot job market and cooling inflation — is in part the result of increased inflows of immigrants.
"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," Goldman Sachs analysts wrote in a note to clients in May.
While Biden's critics have focused on the high-profile political liabilities of the humanitarian crisis caused by migration spikes at theIn recent years, higher immigration inflows have effectively doubled the number of new jobs the U.S. economy is capable of absorbing every month without overheating, a March analysis from the
But the Brookings researchers recalculated the government's estimates — this time, factoring in the impact of immigrants on the labor pool. They found that with immigration, the 2024 U.S. job market could safely absorb between 160,000 and 200,000 monthly job gains. U.S. President Joe Biden speaks about the economy at the International Brotherhood of Electrical Workers Local 26 union, in Lanham, Maryland, on Feb. 15, 2023.Biden cited both the May jobs report and the steady CPI as evidence of what he calls a "great American comeback."
Biden's recent executive action to increase restrictions on asylum seekers could threaten the economic buoy that immigration is providing. But that policy is still working through implementationRepublican presidential candidate and former U.S. President Donald Trump reacts during a campaign event, in Las Vegas, Nevada, U.S. June 9, 2024.It is difficult to quantify the massive impact Trump's policy would have on the U.S.
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