Immigration Surge Helps Power Economic Growth, Defying Recession Predictions

• Policymakers citing immigration influx as a reason the economy defied recession predictions in 2023 • Fed Chair Powell noting immigration may explain economy's unexpected strength • Conflicting government data on immigration leading to repeated upside surprises in labor market • Both legal and unauthorized immigration rebounding post-pandemic, enlarging workforce • Larger workforce helping temper inflation by increasing economy's capacity and moderating wage growth