The labour market is much looser than official data

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A snippet here on the US labour market from Standard Chartered:

The BLS estimates of immigrant population and employment are very likely too low.

The Congressional Budget Office (CBO)uses a top-down methodology and estimates that 3.3mn immigrants arrived in 2023, of which 2.5mn were undocumented or overstayed visas.

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.