Forbes on Nostr: Immigration Helps The U.S. Economic Forecast, Says One Data Set ========== Estimates ...
Immigration Helps The U.S. Economic Forecast, Says One Data Set
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Estimates of recent immigration from different government organizations vary widely. The strong performance of the economy in 2023 and 2024 has been a surprise. Immigration provides a plausible explanation for the strong economy. The economy was labor-constrained even before the pandemic. The unemployment rate was steady at four percent or less leading up to 2020. Business leaders reported that their greatest challenge was hiring and retaining workers. Just as the economy should have felt the impacts of higher interest rates, immigrants surged across the border. The Congressional Budget Office estimates net immigration at 3.3 million in 2023, while the Census Bureau estimates 1.1 million net immigration. The huge disparity between the estimates raises doubts about our understanding of the economy. If the Census Bureau is right, the economy will face a tight labor market and may soon trigger a recession. If the CBO is correct, the labor force is growing at a much faster pace than expected. More immigrants stimulate overall supply and demand in the economy, but trigger turmoil in specific areas. Immigration is stimulative to the economy but triggers turmoil in various specific areas. The CBO estimates paint a much brighter picture for the overall economy than the Census Bureau figures.
#Immigration #UsEconomy #EconomicForecast
https://www.forbes.com/sites/billconerly/2024/05/07/immigration-helps-the-us-economic-forecast-says-one-data-set/
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Estimates of recent immigration from different government organizations vary widely. The strong performance of the economy in 2023 and 2024 has been a surprise. Immigration provides a plausible explanation for the strong economy. The economy was labor-constrained even before the pandemic. The unemployment rate was steady at four percent or less leading up to 2020. Business leaders reported that their greatest challenge was hiring and retaining workers. Just as the economy should have felt the impacts of higher interest rates, immigrants surged across the border. The Congressional Budget Office estimates net immigration at 3.3 million in 2023, while the Census Bureau estimates 1.1 million net immigration. The huge disparity between the estimates raises doubts about our understanding of the economy. If the Census Bureau is right, the economy will face a tight labor market and may soon trigger a recession. If the CBO is correct, the labor force is growing at a much faster pace than expected. More immigrants stimulate overall supply and demand in the economy, but trigger turmoil in specific areas. Immigration is stimulative to the economy but triggers turmoil in various specific areas. The CBO estimates paint a much brighter picture for the overall economy than the Census Bureau figures.
#Immigration #UsEconomy #EconomicForecast
https://www.forbes.com/sites/billconerly/2024/05/07/immigration-helps-the-us-economic-forecast-says-one-data-set/