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Adam Davidson

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The Senate Judiciary Committee is beginning work Thursday on a proposal to overhaul the nation's immigration laws. Audie Cornish talks with Adam Davidson of the Planet Money team about what academic research says about the economic impact of immigration.

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MELISSA BLOCK, HOST:

From NPR News, this is ALL THINGS CONSIDERED. I'm Melissa Block. The unemployment rate edged down a tiny bit today to 7.5 percent. That's the lowest it's been in more than four years. In addition, the Bureau of Labor Statistics reported there were 165,000 net new jobs in April. This was better than most economists expected. Even better, the government said it had undercounted in February and March by more than 100,000 jobs.

One jobs number gets all the attention: The number of jobs lost or gained in the previous month.

That number is important. But focusing too much on the net change in jobs can be misleading. It gives the impression that a job is like a widget — it's something that gets made in a factory somewhere, and that we hope exists forever.

That's not how it works. Even in good economic times ,new jobs are constantly being created and old jobs are constantly being destroyed. (Of course, you do want the number of jobs created to exceed the number of jobs destroyed.)

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MELISSA BLOCK, HOST:

This is ALL THINGS CONSIDERED from NPR News . I'm Melissa Block.

AUDIE CORNISH, HOST:

And I'm Audie Cornish.

And a record close. That's what we've been hearing both today and yesterday as the Dow Jones industrial average climbs upwards.

BLOCK: That may be an ear-grabbing headline after a recession and years of unimpressive growth. But we begin this hour with a different take from Adam Davidson of NPR's Planet Money. Hey, Adam.

ADAM DAVIDSON, BYLINE: Hey, Melissa.

A break down of who buys and what exactly sells at the U.S. Treasury bond auctions.