Another Barnburner: US Labor Market Steams Ahead
Stop me if you've heard this intro before: The US economy added far more jobs than expected last month, government data released on Friday showed.
I suppose I can stop. Because I've definitely penned that sentence previously. And on numerous occasions. But unlike Mrs. Lancaster, I serve déjà vu, so I'll regale you.
The US labor market's the Energizer Bunny and it delivered again in March, when the world's largest economy added 303,000 jobs, easily ahead of consensus which was looking for 214
This seems related to the immigration-driven population surge, no? Per CBO, US population grew about 2.3% in 2022-2023. Census says lower, but many see serious undercounting there. 2023 population growth is, I’m reading, among the largest 1-year increases in recent US history. Immigrants are typically prime working age, hard working, and will take tough jobs at low pay . . . the kind of jobs many businesses have struggled to fill. So a surge in immigration can cause a surge in jobs without a surge in wages.
The implications for housing inflation though . . .
Jobs that pay in cash which do not withhold payroll/income taxes are not included in these jobs data reports, either.
It is not hard to pick up a work crew, for cash, to help around a construction site (in some cities I have visited in the past year- they are waiting in the Home Depot parking lots) or to find someone who wants to provide in home health care/elderly assistance for cash.
I would like to look at the March estimate (214k), by category, and then compare that to the March actual (303k) by category.
It is a little concerning that the top 2 categories of employment increases are government and healthcare (quasi government).
Where can I find that detail?