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Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

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Expand chart
Data: New American Economy Research Fund; Chart: Chris Canipe/Axios

Immigrants and their children have founded 45% of the U.S.' Fortune 500 companies, according to a new study by New American Economy, a bipartisan pro-immigration group.

Why it matters: The share of the most successful and globally recognized U.S. companies that have immigrant founders is growing, according to NAE's Hanna Siegel and Andrew Lim, while the Trump administration has tried to make it more difficult for immigrants to come to the U.S., often claiming that they take American jobs and lower wages.

Between the lines: Immigrants may have a negative impact on the work prospects of some U.S.-born workers, as Harvard economics and social policy professor George Borjas wrote for Politico. But they also are increasingly a vital part of the U.S. economy.

By the numbers: Fortune 500 companies founded by immigrants or their children employ 13.5 million people, and on average employ 11% more people than the average Fortune 500 company with a nonimmigrant founder, the study found.

  • These companies brought in $6.1 trillion in annual revenue last year.
  • More than half of the revenue brought in by Fortune 500 companies in New York, Washington state, Georgia and Pennsylvania, among others, came from companies founded by immigrants or their children.
  • In Illinois, the revenue brought in by immigrant-founded Fortune 500 companies was equal to 70% of the state’s GDP.

Go deeper

Erica Pandey, author of @Work
1 hour ago - Economy & Business

What's really going on with the labor market

Source: YCharts

The labor market is showing some signs of improvement: Jobless claims fell to 730,000 — a dramatic drop from 841,000 the previous week. And the latest jobs report showed a pandemic-era low unemployment rate of 6.3%

But, but, but: That's not the full story, experts say.

Felix Salmon, author of Capital
2 hours ago - Economy & Business

Markets see rare convergence milestone

Expand chart
Data: YCharts; Chart: Axios Visuals

A milestone was reached in the markets Thursday: The yield on the 10-year Treasury note rose to match the dividend yield on the S&P 500

Why it matters: The two yields have been inverted since the beginning of last year, which is historically unusual.

Mike Allen, author of AM
2 hours ago - Economy & Business

First look: Business puts muscle behind Biden

Business Roundtable, the voice of America's top CEOs, today launched "Move the Needle," a campaign to support President Biden in rolling out COVID vaccines, increasing vaccine uptake and encouraging masks.

What they're saying: "Masks and vaccines are working. Now is the time to keep at it, overcome pandemic fatigue, and double down on the measures that will end this public health and economic crisis, said Business Roundtable president and CEO Josh Bolten.

You’ve caught up. Now what?

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