The Federal Reserve admitted the unemployment rate has become largely irrelevant since 94 million people have left the work force. As it ponders when to raise the interest rates, based in part on the unemployment rate—irony of ironies—there is a labor statistic that does bear some significance, one that could play a significant role in the upcoming presidential race.
Since 2007, 790,000 native-born Americans have found work compared to 2.1 million foreign-born Americans who have hired on, as zerohedge tells MHProNews. In August alone, 698,000 native-born Americans lost their jobs, while 204,000 foreign-born Americans got jobs.
Please see chart. ##
(Graphic credit: zerohedge, Bureau of Labor Statistics)
