The US job market has seen significant growth thanks to immigration, with 303,000 jobs added in March alone. This brings the 2024 average to 276,333 jobs per month, surpassing last year’s average and 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 enough to keep up with population growth and the retirement of the Baby Boomer generation. However, 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.
Greg Daco, chief economist at EY-Parthenon, notes that immigration has led to a record high number of employed foreign-born workers in the US. As of March 25th, there were a total of 31.1 million foreign-born workers in the labor force. 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 emphasizes that immigrants bring productivity gains through technological innovation and refinements, highlighting the benefits of net immigration growth for the United States.
Immigration has undoubtedly played a significant role in increasing job opportunities in America. With more people coming into the country each year and taking on new roles in businesses across various industries, it’s clear that immigration has helped boost economic activity and create new opportunities for Americans.
However, concerns have been raised about whether this rate of growth can be sustained over time. While some experts believe that we need to continue to attract immigrants to keep up with population growth and maintain our economy’s momentum