Don’t Show Trump This Chart: All U.S. Job Gains Since December 2007 Have Gone To Foreign-Born Workers
by Tyler Durden
ZeroHedge.com
02/05/2016
With the Fed on the verge of a full relent and admission of policy error, the Fed’s “data (in)dependent” monetary policy once again takes on secondary relevance as we progress into 2016. However, even with the overall job picture far less important, one aspect of the US jobs market is certain to take on an unprecedented importance.
We first laid out what that is last September when we said that “the one chart that matters more than ever, has little to nothing to do with the Fed’s monetary policy, but everything to do with the November 2016 presidential elections in which the topic of immigration, both legal and illegal, is shaping up to be the most rancorous, contentious and divisive.”
We were talking about the chart showing the cumulative addition of foreign-born and native-born workers added to US payrolls according to the BLS since December 2007, i.e., since the start of the recession/Second Great Depression.
As usually happens, it is precisely this data that gets no mention following any job report. However, with Trump and his anti-immigration campaign continuing to plow on despite the Iowa disappointment, we are confident that the chart shown below will soon be recognizable to economic and political pundits everywhere.
And here is why we are confident this particular data should have been prominently noted by all experts when dissecting today’s job report: according to the BLS’ Establishment Survey, while 151,000 total workers were added in January, a number which rises to 615,000 if looking at the Household survey, also according to the same Household survey, a whopping 567,000 native-born Americans lost their jobs, far less than the 98,000 foreign-born job losses.
The Rest…HERE
