Job growth for Americans continues to lag that of foreign-born workers, with more than 800,000 fewer jobs for native-born Americans than last year, according to data from the Bureau of Labor Statistics (BLS). .
The number of foreign-born workers employed increased by about 1.2 million in September from a year earlier, while the number of employed foreign workers decreased by 825,000, according to BLS data. show. This large annual difference comes even though employment among native-born workers increased by about 920,000 in September compared to August, after falling by 1.325 million from July to August.
Top employment growth was stronger than expected in September, with U.S. nonfarm payrolls increasing by 254,000, more than economists expected by 150,000. (Related article: Numerous state brokerages demand answers from stock exchanges, citing ‘enthusiasm’ to promote diversity quotas)
“Today we received good news for American workers and families,” the Biden-Harris administration said in a statement. press release Friday after the release of the September employment statistics. “Today’s report shows we have created 16 million jobs, unemployment remains low and wages are growing faster than prices.”
Employment for native-born Americans was on a very steady upward trend before 2020, but it has never recovered to that level, let alone trended. There are 452,000 fewer people currently employed than before the pandemic, and all of the net job growth has gone to foreign-born workers, adding more than 4 million jobs. pic.twitter.com/9vr464KJzD
— Dr. EJ Antoni (@RealEJAntoni) October 4, 2024
The real wage is decreased It will increase by 1.3% in real terms between the first quarter of 2021 and the second quarter of 2024, as Biden-era inflation continues to plague American wallets. Since Biden took office in January 2021, prices have increased by more than 20%, and the inflation rate has risen from 1.4% at the end of former President Donald Trump’s administration to about 9% in June 2022.
To combat soaring inflation, the Fed raised interest rates to 23-year highs of 5.25% and 5.50% in July 2023, then held them steady until announcing a 0.5% cut in September. The combination of rising interest rates and high inflation is pushing many Americans into bankruptcy, with delinquent credit card balances reaching their highest level since at least 2012 in the first quarter of 2024.
The Biden-Harris administration did not respond to requests for comment.
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