Immigration boosts innovation and wages in the US. The positive dynamic impact of immigration on innovation and wages dominates the short-run negative impact of increased labor supply. Increased immigration to the US since 1965 is estimated to have increased innovation and wages by 5%.

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Shares in the payment company soared more than 25 percent in after-hours trading on Thursday as it announced it would shed more than 4,000 jobs from its 10,000-strong workforce.