According to Jinshi, Ali Jaffery, an economist at Canadian Imperial Bank of Commerce Capital Markets, pointed out that immigrants play an important role in non-agricultural employment growth, which has increased the sustainable employment growth level from 100,000 before the epidemic to about 180,000.
Today’s data may provide more evidence of that trend and support the Fed’s view that an increase in the labor supply is boosting job market and broader economic growth.
Overall, the March nonfarm payrolls report dampened expectations for an earlier rate cut by the Federal Reserve.
