Recent spikes in immigration have helped sustain the U.S. job market's growth without causing inflation to rise again, providing a favorable situation for President Joe Biden ahead of the November election. In May, the U.S. economy added 272,000 jobs, surpassing forecasts, while consumer prices remained steady. Increased immigration has contributed significantly to labor supply in sectors like government, leisure, hospitality, and healthcare. Economists credit immigration for easing labor market pressure and helping avoid a recession. Higher immigration inflows have allowed the U.S. economy to absorb more new jobs without triggering inflation.
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00:00It's Benzinga, and here's what's on the block.
00:02Recent spikes in immigration have helped sustain the U.S. job market's growth without causing
00:07inflation to rise again, providing a favorable situation for President Joe Biden ahead of the
00:12November election. In May, the U.S. economy added 272,000 jobs, surpassing forecasts,
00:19while consumer prices remained steady. Increased immigration has contributed significantly to
00:24labor supply in sectors like government, leisure, hospitality, and health care.
00:28Economists credit immigration for easing labor market pressure and helping avoid a recession.
00:33Higher immigration inflows have allowed the U.S. economy to absorb more
00:37new jobs without triggering inflation. For all things money, visit Benzinga.com.