Jobs report is a boom for migrants, slump for Americans
SlateStone Wealth chief market strategist Kenny Polcari reacts to August’s unemployment rate during an appearance on ‘Varney & Co.’
The new August jobs report shows employment numbers of U.S.-born workers and foreign-born workers going on two very different trajectories.
Data released by the Bureau of Labor Statistics, an arm of the Department of Labor, shows native-born Americans lost more than 1.3 million jobs over the last 12 months, while foreign-born workers gained more than 1.2 million jobs.
The news comes as U.S. job growth picked up in August but missed economists' expectations, while the unemployment rate changed little.
SURGE OF FOREIGN-BORN WORKERS REMAKE AMERICAN JOBS MARKET
Data released by the Department of Labor shows native-born Americans lost more than 1.3 million jobs over the last 12 months. (Robert Gauthier/Los Angeles Times / Getty Images)
As of August of this year, there are 129,712,000 native-born workers compared to 131,031,000 in August 2023, meaning a plummeting reduction of 1,319,000 jobs.
In comparison, there were 31,636,000 foreign-born workers in the U.S. as of last month, compared to 30,396,000 in August 2023, a surge of 1,240,000 jobs.
The figures do not differentiate between foreign-born workers who entered the country with authorization, i.e. Green Card holders and those with working visas, and those who entered without prior authorization.
The U.S. has witnessed a surge of immigrants under the Biden-Harris administration, with figures from the Congressional Budget Office (CBO) showing a net gain of more than 9 million immigrants since the end of 2020.
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The number of jobs added in June and
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