Source: Fortune
Summary
The US economy lost 23,000 jobs in July, despite a decrease in the unemployment rate. According to experts, this may be due to the “deportation economy” – the removal of hundreds of thousands of workers from the country. Immigrant labor has been crucial in sectors such as healthcare and social assistance, which have seen slowed job growth. With the aging population growing, the industry needs to fill nearly a million new positions over the next decade, but the loss of immigrant workers may lead to rationing and increased unpaid care by native-born workers.
Our Reading
The numbers tell one story. The US economy is losing jobs, but the unemployment rate is decreasing. Diane Swonk, chief economist at KPMG, notes that immigrant labor is crucial in sectors such as healthcare and social assistance. The loss of these workers may lead to rationing and increased unpaid care by native-born workers. The labor shock is colliding with state-level cuts to Medicaid, the largest payer for long-term care. The burden of unpaid care is climbing fast and broadening, affecting every single profession.
Author: Evan Null
