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Great Replacement Job Shock: 1.3 Million Native-Born Americans Just Lost Their Jobs, Replaced By 635,000 Immigrants
[ZeroHedge] At the start of the year, many months after we first pointed out that the biggest untold story of the US labor market was the "great replacement" of native born workers with foreign-born workers (most of whom we subsequently learned were undocumented immigrants, i.e., illegal aliens), we asked how is it, that the ongoing replacement (because that's what it is) of US workers is "not the biggest political talking point right now" considering that "since October 2019, native-born US workers have lost 1.4 million jobs; over the same period foreign-born workers have gained 3 million jobs"Eight months later, we are delighted to see that our relentless efforts to bring attention to this critical topic finally worked, and the continued replacement of native-born workers with immigrants and illegal aliens was finally the biggest political and media talking point, as demonstrated by such articles as "How Immigration Remade the U.S. Labor Force" by the WSJ and "Without Immigrants, US Working-Age Population Would Shrink" from Bloomberg, both of which are an extension of the latest and greatest narrative, first spawned by Fed chair Powell, and then picked up by Goldman, which came down to the following: you can have (record) illegal immigration, or you can have even more (breakneck) inflation. So don't be angry, and just accept the roving gangs of Venezuelan murderers in your neighborhood, if you know what's good for you and if you want to keep prices low (the same prices which are only high because the government decided to inject $20 trillion in fiscal stimmies in the past 4 years). Which brings us to today's jobs report... where the native vs foreign-born debate just exploded! As we discussed earlier, superficially the August payrolls report was a mixed bag. On one hand, it was disappointing in that the payrolls print came in softer than expected, but was a big bounce from sharply downward revised June and July prints. On the other hand, the unemployment rate did drop from the Sahm Rule's recession trigger level of 4.3% to 4.2%, and effectively eliminated the clear cut case for a 50bps rate cut, especially since the Household survey was not only far stronger than the Establishment survey, but indicated the biggest increase in employment since March. That, at least, was the quantitative view. And while that was mixed, there was no confusion in the picture painted by the qualtitative aspect of the jobs report. Here, everything was a disaster. Starting at the top, while the number of employed workers did rise by 168K, looking closer at the composition of this increase is disastrous: that's because it consisted of an increase of 527K part-time jobs, offset by a 438K plunge in full-time jobs. This means that since last June, the US has added just over 2 million part-time jobs, and lost over 1.5 million full-time jobs. Posted by: Skidmark 2024-09-08 |
| http://www.rantburg.com/poparticle.php?ID=710137 |