Immigration has helped the hot US economy and labor market, but there's a risk of oversupply, Fitch says
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Foreign-born workers are leading the increase in the US labor force, representing 19% of the labor force at YE 2023. The foreign-born labor participation rate is 66%, higher than the native-born participation rate of 62%. Net immigration averaged 0.9% of the US population for the past two years. While higher immigration flows should keep labor momentum going, there is a risk of oversupply as labor demand starts to show signs of decline. Government hiring has also contributed to the impressive labor market, with job growth in this sector averaging 2.7% in 2023.

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https://www.businessinsider.com/immigration-us-labor-jobs-market-growth-recession-oversupply-outlook-layoffs-2024-4