Explaining the Latest Jump in the U.S. Labor Force

Former JPMorgan Chase Global Chief Economist, (Ph.D in Economics) & Current BrightQuery Chief Economist

Dec 09, 2023

∙ Paid

Many market observers were surprised by the +747k jump in employment as tallied by the U.S. Household Employment Survey. The U.S. fertility rate is hovering at 1.78% in 2023, well below the 2.1% replacement level required to maintain the existing labor force as people retire or die. This puzzle can only be explained by the surge in immigration. Leavi…

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