Immigration and Strong Job Market Help Buoy US Economy, Though Wage Growth Lags

The recent surge in immigration to the US helped prevent a recession by adding jobs and keeping wage growth and inflation in check.

Labor force participation for working-age Americans is at multi-generational highs, with more people employed now than before the pandemic.

Wage growth has remained surprisingly low despite the tight labor market, perplexing economists.

Household debt levels are relatively low compared to history, with mortgages making up the bulk of consumer debt.

Excess pandemic savings and Americans' asset values far exceeding their liabilities suggest consumers can continue spending at solid rates.