> Nonfarm Payrolls: While economists generally see payroll gains stepping down in April from the first quarter’s booming pace, a 240,000 increase would still be above the average pace over the second half of 2023 — and is the most optimistic estimate since October 2022. Many have cited surging immigration as a reason why employment growth remains so strong even at a point in the business cycle when it would be natural to expect slower hiring.
> “Elevated immigration boosted labor supply by roughly 80k per month last year, relative to normal, and we expect a continued tailwind averaging 50k per month this year,” Goldman Sachs economist Spencer Hill wrote in a May 2 note. “Given the still-elevated level of job openings and the ramp-up of the spring hiring season, we assume many of these individuals found jobs during the April survey period, including in the construction and leisure sectors.”
> The recent surge in immigration to the US has led many economists to boost their forecasts. Now they’re looking for more signs of its impact in the data.
> Growth in employment has continually surprised to the upside in recent years, running at a pace formerly deemed as unsustainable. Economists have coalesced around population growth as a key explanation after a recent Congressional Budget Office report estimated higher immigration than previously thought.
> With over a million people entering the country each year, it stands to reason that a bigger population will increase demand for housing and a wide range of other goods and services. For now, some of the places forecasters are looking to gauge the impact may not provide obvious answers: consumer spending data, for example, aren’t broken down by demographic.
> There's been no "surge" in immigration, except in the very short term where migration caught up with the backlog due to the pandemic.
> You literally failed to show numbers showing a surge in immigration though.
https://www.bloomberg.com/news/articles/2024-05-03/us-jobs-r... | https://archive.today/MSWd3
> Nonfarm Payrolls: While economists generally see payroll gains stepping down in April from the first quarter’s booming pace, a 240,000 increase would still be above the average pace over the second half of 2023 — and is the most optimistic estimate since October 2022. Many have cited surging immigration as a reason why employment growth remains so strong even at a point in the business cycle when it would be natural to expect slower hiring.
> “Elevated immigration boosted labor supply by roughly 80k per month last year, relative to normal, and we expect a continued tailwind averaging 50k per month this year,” Goldman Sachs economist Spencer Hill wrote in a May 2 note. “Given the still-elevated level of job openings and the ramp-up of the spring hiring season, we assume many of these individuals found jobs during the April survey period, including in the construction and leisure sectors.”
https://www.bloomberg.com/news/articles/2024-04-29/how-immig... | https://archive.today/0PJzM
> The recent surge in immigration to the US has led many economists to boost their forecasts. Now they’re looking for more signs of its impact in the data.
> Growth in employment has continually surprised to the upside in recent years, running at a pace formerly deemed as unsustainable. Economists have coalesced around population growth as a key explanation after a recent Congressional Budget Office report estimated higher immigration than previously thought.
> With over a million people entering the country each year, it stands to reason that a bigger population will increase demand for housing and a wide range of other goods and services. For now, some of the places forecasters are looking to gauge the impact may not provide obvious answers: consumer spending data, for example, aren’t broken down by demographic.