Jul NFP - Immigration Affects Employment Data
2024-08-02
Summary:
The US labour market has been showing perplexing trends recently, marked by robust nonfarm payroll growth juxtaposed with a rising unemployment rate.
JUL NFP
2/6/2024 (Fri)
Previous (Jun)：206k Forecast: 178k
The US labour market has been showing perplexing trends recently, marked by robust nonfarm payroll growth juxtaposed with a rising unemployment rate.
In June 206k jobs were added with an average of 222,000 over the past six months, while unemployment rate rising to 4.1%. That may stem from a surge in immigration post-pandemic.
Around two-thirds of the immigrants have participated in the labour force and hence a mismatch between job growth and unemployment rates. In that sense the breakeven NFP growth is trending higher.
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