Stocks Rise After Strong Jobs Report Sparks Talks of Fed Rate Hike

Immigration has played a significant role in increasing the size of the job market, with 303,000 jobs added in March alone, bringing the 2024 average to 276,333 jobs per month. This surpasses the average from last year and is well above pre-pandemic averages. However, there are concerns about the sustainability of this job growth rate.

Before the pandemic, it was believed that adding between 60,000 and 100,000 jobs per month would be sufficient to keep up with population growth and the retirement of the Baby Boomer generation. A recent report from the Brookings Institution suggests that the sustainable range for employment growth should be higher, between 160,000 and 200,000 jobs per month. This increase is attributed to stronger immigration flows, which have enhanced the economy’s capacity.

According to Greg Daco, chief economist at EY-Parthenon, the increase in immigration has led to a record high number of employed foreign-born workers, totaling 31.1 million as of March. The labor force participation rate for foreign-born workers was 65.9%, compared to 62% for native-born workers. Brett House, a professional practice professor at the Columbia Business School, emphasized the productivity gains brought by immigrants in terms of technological innovation and refinements, highlighting the benefits of net immigration growth for the United States.

By Samantha Robertson

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