Immigrants make up a growing proportion of the U.S. workforce.
By Diccon Hyatt
Reporter
Investopedia
Immigration growth may play an even larger part than usual in filling gaps in the labor force, as the Federal Reserve looks to rebalance the jobs market.
KEY TAKEAWAYS
- Immigration could add 500,000 people to the workforce over the next three quarters, economists at Goldman Sachs estimated.
- As of June, there were 3.6 million more open jobs than unemployed workers to fill them, and the growing immigrant workforce could fill some of that gap.
- Officials at the Federal Reserve say the trend has helped cool inflation and “rebalance” a labor market that’s favored workers.
Businesses have a lot of empty roles to fill. As of June, there were 3.6 million more job openings than there were unemployed workers to fill them, according to data from the Bureau of Labor Statistics. Immigration has helped fill that gap recently and could narrow it further in the coming months. Some 500,000 immigrants are projected to join the workforce in the next three quarters, according to an analysis by Jan Hatzius, chief economist at Goldman Sachs, published Monday.
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