Bidenomics At Work … For The 1%! 1.3 Million Immigrant Jobs Added In Feb While Native Jobs Dropped By -420k Jobs (Unemployment Rate Highest, Wage Growth Slowest Since Feb 2022)

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by confoundedinterest17

Somehow, Biden left this factoid out of his State of The Union (SOTU) addressIn February, immigrants added 1,277 million jobs while native Americans lost -420,000 jobs according to the BLS. Or maybe Biden can change his campaign motto to “Make America Great Again … For Immigrants, NOT Natives.”

In February, the unemployment rate unexpectedly jumped to 3.9%, the highest since February 2022 (with Black unemployment spiking by 0.3% to 5.6%).

And then there were average hourly earnings, which after surging 0.6% MoM in January (since revised to 0.5%) and spooking markets that wage growth is so hot, the Fed will have no choice but to delay cuts, in February the number tumbled to just 0.1%, the lowest in two years…

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It is clear that the labor market is softening, but Biden/Mayorkas will continue to let millions of illegal immigrants pour across the border making the labor market even softer than before. But the top 1% are making out like bandits from the illegal immigration. Bandits benefitting bandits.

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