Founders AM: Immigrant Supply Shock is Real
Feb 14, 2024
Housekeeping: Good Morning.
We think that surprisingly strong employment growth reflects a surge in labour supply, largely due to immigration. [meanwhile] we are not convinced that stronger-than-expected labour productivity gains are real.
Standard Chartered Analysis
Contents:
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JPM Alpha
Also: Immigrant Supply Shock is Real
Standard Chartered’s Steve Englander does some really good data dissections with novel analysis. He did it previously with NFP and Bitcoin. Here he takes something ZH has noted recently and runs with it.
His Analysis:
Rarely do we see such job growth simultaneously accompanied by increases in productivity
We are seeing that now. It does not make sense
