Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macro and Geopolitical Research House

Head of Research, Steno Research

Emil Moller

Head of Research

Macroeconomics

<ul><li>Main takeaways:We ponder whether the influx of migrants is crucial for the U.S. labor market to maintain its current momentum, especially as employment among native-born workers appears stagnant.</li><li>The surge in part-time employment and the increase in individuals holding multiple jobs likely indicate that workers are clocking fewer hours, which in turn erodes their actual earnings and, consequently, their spending power.</li><li>The ongoing political conflict surrounding immigration could significantly, albeit with some delay, affect both the labor and financial markets.</li></ul>

Main takeaways:We ponder whether the influx of migrants is crucial for the U.S. labor market to maintain its current momentum, especially as employment among native-born workers appears stagnant.The surge in part-time employment and the increase in individuals holding multiple jobs likely indicate that workers are clocking fewer hours, which in turn erodes their actual earnings and, consequently, their spending power.The ongoing political conflict surrounding immigration could significantly, albeit with some delay, affect both the labor and financial markets.

Labour Watch: Why you should pay attention to the Border