excalibur
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- Mar 19, 2015
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And away we go!
Such wonderful news for Americans again. Courtesy of the Biden junta.
For much of the past year we had been pounding the table on two very simple facts: not only has the US labor market been appallingly weak, with most of the jobs “gained” in 2023 and meant to signal how strong the Biden “recovery” has been, about to be revised away (as first the Philly Fed and now Bloomberg both admit), but more shockingly, all the job growth in the past few years has gone to illegal aliens.
We first pointed this out more than a year ago, and since then we have routinely repeated – again, again, and again – yet even though we made it abundantly clear what was happening…
...
That’s about to change, however, because with just under 5 months left until the election, and with immigration by far the hottest political topic out there, others are finally starting to connect the dots we laid out more than a year ago.
The first Wall Street analyst daring to point out that the employment emperor is naked, is Standard Chartered’s global head of macro, Steve Englander who in a note titled simply enough “Immigration leading to labor-market surge” (and available to pro subscribers in the usualk place), writes that according to his estimates “undocumented immigrants account for half of job growth in FY24 so far” (the actual number is far higher but we understand his initial conservatism), and adds that “asylum seekers and humanitarian parolees explain the surge in undocumented immigrants” before concluding that the continued rise in EAD approvals likely will extend strong employment growth in 2024. In other words, “strong employment growth” for American citizens, always was and remains a fabulation, and the only job growth in the US is for illegals, who will work for below minimum wage, which also explains why inflation hasn’t spiked in the past year as millions of illegals were hired.
Below we excerpt from the Englander note because we hope that more economists, strategists and politicians will read it and grasp what we have been saying for over a year.
Echoing what we have said for months, Englander writes that immigration, particularly illegal immigration, “is a political flashpoint that has also become an important factor in assessing economic performance. Detailed data from US Customs and Border Protection (CBP) and US Citizenship and Immigration Services (USCIS) suggest that half of non-farm payroll (NFP) growth to date for FY24 (started 1 October 2023) has been from undocumented immigrants who have received an Employment Authorization Document (EAD)” (he defines undocumented immigrants as those who entered the US through non-traditional immigration pathways, such as asylum seekers, parolees, and refugees).
...
Of course, if the Std Chartered analyst were to factor for the true collapse in Birth-Death adjustments discussed yesterday by Bloomberg…
… the real number would be, well, zero!
While the political reason behind the propaganda misrepresentation of the US jobs market is simple: after all, in an election year it is imperative that the Biden economy be portrayed as glowingly as possible, even if it means lying about everything, the cascading consequences from this fabrication are staggering. As Englander concedes, “this added labor supply also may have shifted trend employment and GDP growth, making it hard to gauge whether a strong NFP or even GDP number reflects supply or demand. If supply is driving upside surprises, the takeaway is more optimism that inflation will slow. If demand, the opposite. Soft economic data should be seen through the lens of added labor supply, while strong data releases are ambiguous.”
...
americafirstreport.com
Such wonderful news for Americans again. Courtesy of the Biden junta.
For much of the past year we had been pounding the table on two very simple facts: not only has the US labor market been appallingly weak, with most of the jobs “gained” in 2023 and meant to signal how strong the Biden “recovery” has been, about to be revised away (as first the Philly Fed and now Bloomberg both admit), but more shockingly, all the job growth in the past few years has gone to illegal aliens.
We first pointed this out more than a year ago, and since then we have routinely repeated – again, again, and again – yet even though we made it abundantly clear what was happening…
...
That’s about to change, however, because with just under 5 months left until the election, and with immigration by far the hottest political topic out there, others are finally starting to connect the dots we laid out more than a year ago.
The first Wall Street analyst daring to point out that the employment emperor is naked, is Standard Chartered’s global head of macro, Steve Englander who in a note titled simply enough “Immigration leading to labor-market surge” (and available to pro subscribers in the usualk place), writes that according to his estimates “undocumented immigrants account for half of job growth in FY24 so far” (the actual number is far higher but we understand his initial conservatism), and adds that “asylum seekers and humanitarian parolees explain the surge in undocumented immigrants” before concluding that the continued rise in EAD approvals likely will extend strong employment growth in 2024. In other words, “strong employment growth” for American citizens, always was and remains a fabulation, and the only job growth in the US is for illegals, who will work for below minimum wage, which also explains why inflation hasn’t spiked in the past year as millions of illegals were hired.
Below we excerpt from the Englander note because we hope that more economists, strategists and politicians will read it and grasp what we have been saying for over a year.
Echoing what we have said for months, Englander writes that immigration, particularly illegal immigration, “is a political flashpoint that has also become an important factor in assessing economic performance. Detailed data from US Customs and Border Protection (CBP) and US Citizenship and Immigration Services (USCIS) suggest that half of non-farm payroll (NFP) growth to date for FY24 (started 1 October 2023) has been from undocumented immigrants who have received an Employment Authorization Document (EAD)” (he defines undocumented immigrants as those who entered the US through non-traditional immigration pathways, such as asylum seekers, parolees, and refugees).
...
Of course, if the Std Chartered analyst were to factor for the true collapse in Birth-Death adjustments discussed yesterday by Bloomberg…
… the real number would be, well, zero!
While the political reason behind the propaganda misrepresentation of the US jobs market is simple: after all, in an election year it is imperative that the Biden economy be portrayed as glowingly as possible, even if it means lying about everything, the cascading consequences from this fabrication are staggering. As Englander concedes, “this added labor supply also may have shifted trend employment and GDP growth, making it hard to gauge whether a strong NFP or even GDP number reflects supply or demand. If supply is driving upside surprises, the takeaway is more optimism that inflation will slow. If demand, the opposite. Soft economic data should be seen through the lens of added labor supply, while strong data releases are ambiguous.”
...
Wall Street Admits the Biggest Economic Shocker: All Jobs in the Past Year Have Gone to Illegal Aliens
(Zero Hedge)—For much of the past year we had been pounding the table on two very simple facts: not only
americafirstreport.com
