Blockbuster job growth continues to power the U.S. economy, with the Bureau of Labor Statistics reporting 303,000 payrolls added in March. Usually, such strong growth might signal that inflation could pick up. If employers see more demand for goods and services, they need to hire more workers — and if there aren’t enough workers, they have to increase pay, which increases the overall cost of running the business.
Wendy Edelberg, a former Federal Reserve economist now serving as director of Brookings’ Hamilton Project, told NBC News the net effect of immigration on inflation is not entirely obvious — but is likely marginal. Indeed, Fed Chair Jay Powell has expressed similar observations, saying the effect of the new wave of arrivals is “broadly neutral.” What is clear, Edelman said, is that the immigration surge will allow the economy to tolerate higher levels of job growth without overheating.
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