The Labor Department is understating the impact of illegal immigration on the U.S. job market, according to an analyst note from Goldman Sachs strategists.
The U.S. unemployment rate would be higher if the government properly accounted for the recent surge in illegal immigration, according to a new analyst note from Goldman Sachs. The Goldman strategists, led by chief economist Jan Hatzius, projected the immigration spike has actually increased the American labor force by about 1.1 million and household employment by 1 million. When accounting for those figures, they found the unemployment rate in March would increase to 3.
The Labor Department's monthly employment report is based on two surveys. The establishment survey, which gathers data from about 122,000 businesses and government agencies, is used to calculate how many jobs the U.S. adds each month. The other is based on monthly interviews of about 60,000 households and is used to determine the unemployment rate.
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