Yes, steady-state job growth is definitely slower because of less population growth. That said, the argument is that it takes fewer jobs each month to hold the unemployment rate steady, but because the unemployment rate isn't stable (steadily rising), it still looks like we're below that level.
Can’t blame that guy too much
We must find a real job instead of posting on Substack lol
Some economists are suggesting that slower job creation is the new normal, given the administration's stance on immigrants. Thoughts?
Yes, steady-state job growth is definitely slower because of less population growth. That said, the argument is that it takes fewer jobs each month to hold the unemployment rate steady, but because the unemployment rate isn't stable (steadily rising), it still looks like we're below that level.
That makes sense. I need to brush up on my knowledge of growth models, so I can explain what’s happening to my readers.
Thanks!