The end of low unemployment

The United States is experiencing a high number of job openings, but a shortage of workers, leading to a debate on whether immigration policies should be more open to address this gap.

Australia's population growth, driven by high levels of immigration, is leading to a housing crisis, infrastructure shortages, and environmental issues, raising concerns about the country's ability to sustain a quality way of life and achieve climate goals.

Australia's export volumes increased in the second quarter due to a surge in foreign visitors, offsetting weak household consumption and providing a boost to economic growth.

Job growth in the US is slowing, with 187,000 jobs added in August, but this is still in line with the average over the past few years; the unemployment rate increased to 3.8% due to more people entering the labor force; the trend of workers quitting their jobs at a high rate has ended; job openings are approaching pre-pandemic levels; wage growth is slowing but still outpaces the cost of living; and jobseekers need to be proactive and competitive in their search.

Australia's labor market may have peaked as the unemployment rate hovers around historic lows, leaving little room for improvement and potentially opening the door for further job losses, which could negatively impact the Australian Dollar (AUD) that has already been weakening due to slowing Chinese demand. Economists expect an increase in jobs for August, but there is potential for a downside surprise and a second consecutive month of declines.

Immigration is not to blame for Australia's housing crisis; rather, it has contributed to economic growth and filled critical gaps in the job market.

Immigrants have played a significant role in meeting the surging demand for workers in the US, helping to cool inflation and potentially avoiding a recession before the 2024 election by filling job vacancies and boosting the labor force participation rate.