From CNBC:

Influx of immigration boosts U.S. economy, according to JPMorgan’s Joyce Chang. Federal Reserve raises U.S. GDP growth projection to 2.1% for 2024. Labor market strong, unemployment under 4% with 275,000 jobs added. Core PCE inflation expected at 2.6%. Core CPI rose 0.4% in February.

Immigration story underestimated in U.S., says Chang. U.S. population up by almost 6 million in past two years. Immigration driving consumption amid low unemployment. However, wages, housing costs, and energy prices putting pressure on inflation. Net immigration to U.S. was 3.3 million in 2023.

Immigration key issue in upcoming U.S. election. Chang argues immigration is a net positive for economy. U.S. outperforming peers with high fiscal deficit, energy independence. U.S. federal budget deficit at $1.4 trillion in 2023, projected to rise in 2024 and 2025. JPMorgan predicts shallow Fed loosening cycle.



Read more: Immigration is boosting the U.S. economy and has been ‘underestimated’