1. Immigration will promote population growth

From July 2020 to July 2021, the US population increased by 0.1% by 392,665 people, bringing the country's population to 331.8 million. In which, immigration accounts for 62% and the remaining 38% is natural increase. The immigrant population in the United States is predominantly Mexican and Latino, with each group making up about 25%. Asian immigrants make up 28%. In which, China and India each accounted for 6%, the Philippines 4% and the remaining 9% came from other regions.

Immigrants in the United States are settling in the country more often than in the past. In 2018, nearly three-quarters of US immigrants had resided in the country for more than a decade. The number of immigrants living in the United States will continue to increase in the coming decades, reaching about 54 million in 2030 (15% of the population) and 65 million in 2050 (17% of the population).

Population growth due to international migration is expected to outpace natural increase, which is the main driver of US population growth in the coming decades. With population aging and a decreasing natural population growth rate, by mid-century, immigration is expected to contribute twice as much to the country's population as the natural increase.

Over the coming decades, projections put the annual net immigrant population at 1.1 million. At that level, America's population is expected to be about 405 million by 2060, a 22% increase from today's population. However, if immigration stops, the country's population in 2060 is projected to be 320 million, or nearly 4% smaller than it is today.

2. The labor market approaches full employment

For workers, this is great news as the US labor market is approaching its ideal state of full employment. This is the state of an economy where everyone in the labor force is employed, an economy in which only natural unemployment exists.

In December 2021, the US Labor Department said the US unemployment rate had dropped to 3.9% from 6.7% a year earlier. The Wall Street Journal polls say economists expect the figure to hit 3.5 percent by the end of the year. Hourly wages in December also increased by 4.7% month-on-month.

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Professor Sung Won Sohn, a professor of finance and economics at Loyola Marymount University, said the US is above full employment. He points to evidence that higher wages contribute to inflation, even if they are not the main driver at the moment.

In a report called Beige Book by the US Federal Reserve, in the Mid-Atlantic regions, many companies have reported increased wages and increased labor costs.

Dr Sohn said that consumer prices have risen faster than workers' wages over the past year, which will soon put pressure on employers to raise wages to keep up with inflation. He predicts wages will grow between 5% and 6% this year, faster than his 2022 prediction for inflation of 3% to 4%.

Dr. Sohn believes that some workers choose to stay home and raise their children while their spouses work. If so, the labor supply will continue to be tight, the unemployment rate will continue to fall, and companies will compete for workers by raising wages.

During a recent Senate hearing to confirm a second term, the Fed chair said the labor market is rapidly approaching or reaching a peak in employment.

Please contact iCanfield according to the information below for a free consultation on  US immigration programs  .

iCanfield Vietnam Immigration & Study Abroad Consulting Company 

Address: 93 Nguyen Du, Ben Nghe Ward, District 1, HCMC

Hotline: 028.3822.0285