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When considering America's labor market, it's always been claimed that mass immigration is necessary to avoid recession. That assumption was destroyed with the August jobs report.
Friday's report from the Bureau of Labor Statistics indicated 162,000 new jobs were added to the economy, almost three times the predicted 55,000. The unemployment rate stayed at 4.1%. And for the second month in a row, the previous months' numbers have been revised and adjusted. In July, the previous report had shown job losses at 23,000, but this month it reported gains at 21,000, and June's numbers came in at 31,000.
Leading the job growth was the manufacturing sector with 16,000 new jobs — more than triple the estimated 5,000. Durable goods manufacturing reported a gain of 15,000 new jobs. Construction added 22,000 new jobs from the previous month; the boom in data center construction helps to fuel the activity. The sector of the economy comprised of facilities providing services and hospitality returned to job growth with a gain of 62,000 jobs.
The federal government reported job losses of 5,000. And state governments, where 10,000 cut jobs, continued the unstoppable negative employment trend that began under the first term of the Trump administration, which pushed for job cuts and reductions.
The monthly employment report reveals a more detailed analysis of the U.S. economy. Economists are setting the "break-even" rate — the level of monthly job growth needed to keep unemployment constant — lower and lower. Now, they expect U.S. job growth may need to average at least 55,000 jobs per month just to maintain current unemployment levels, when in the recent past immigration drove new labor force growth to over 55,000 monthly. Anything above that is true net job growth with economic expansion.
Preliminary reports show an increase of 0.3 percent from the previous month in average hourly earnings, and a 3.1 percent increase from the previous year. Both of these are above economists' expectations and the Federal Reserve's target for inflation of 2 percent. The average work week increased a fraction to 34.4 hours, showing an unexpected raise to workers' pay.
The Fed faces tough calls. The jobs blowout, coupled with recent data showing inflation will likely stick around, has the market expecting the Fed to hold rates or increase them. The inflation numbers have caught the Fed's attention, as Chair Kevin Warsh stated he was "troubled" by the inflation numbers and that the central bank is far from meeting its price stability goal.
What the media won't tell you: this is what an America First economy looks like when it all works. Manufacturing increases. Construction increases. The government shrinks. Workers take home more. The immigration lobby insisted that none of this could happen without open borders. The data proves them wrong again.
