The recent rise in unemployment is because an immigration surge has expanded the labor supply in the U.S. not because there have been widespread job cuts, according to Apollo Global Management chief economist Torsten Slok. Apollo is one of the world's largest private equity firms with $696 billion in assets under management.
Instead there are more people joining the labor force-even if they aren't working at the moment. "The source of the rise in the unemployment rate is not job cuts but a rise in labor supply because of rising immigration," Slok wrote in an email.
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