Tyler Durden at Zerohedge.com looks at the latest Bureau of Labor Statistics report and notes a few things in The "Illegal Immigrant" Recovery? The Real Stunner In The Jobs Report. He points out that increases were mostly in low paying jobs, and the majority of new jobs went to those in the 20-24 age group.
However, the stunning number in his title pertains to the number of jobs that went to immigrants. Here's an excerpt:
But while all of these comparisons are apples to oranges, using the BLS' own Native-Born series, also presented on an unadjusted basis, we find the following stunner: since the start of the Second Great Depression, the US has added 2.3 million "foreign-born" workers, offset by just 727K "native-born".
This means that the "recovery" has almost entirely benefited foreign-born workers, to the tune fo 3 to 1 relative to native-born Americans!
As a result, it may well be, that the surprise answer why America's labor productivity (which recently posted its worst 6 month stretch in 22 years) has plummeted in recent years and certainly months, confounding economists who are unable to explain why "solid" labor growth does not translate into just as solid GDP growth...
... and why wage growth has gone precisely nowhere, is because the vast majority of all jobs since December 2007, or 75% to be specific, have gone to foreign-born workers, a verifiable fact. What is unknown is how many of these millions of "foreign-born" jobs have gone to illegal immigrant who are perfectly willing to work hard, and yet whose wage bargaining power is absolutely nil (after all they are happy just to have a job) thereby leading to depressed wages for native-born workers in comparable jobs, resulting in wage growth which over the past 8 years has been non-existant.
He concludes by noting that the Fed has used the lack of wage growth as an excuse to keep injecting liquidity. So it's possible that stock market investors owe a big "thank you" to illegal immigrants.
Via Kausfiles.com where it's noted that young black high school graduates have not fared well in this economic recovery.