Historic Immigration Drop Is Changing the Job Market

Wall Street Journal: “A virtual halt to unauthorized border crossings, plus stepped-up deportations and a souring climate for foreigners means net immigration this year could be negative for the first time in decades, some experts predict.”

“That has a short-run benefit, as Powell alluded to. It means slumping labor demand won’t necessarily push up the unemployment rate, which at 4.2% is historically low. But in the long run it could limit the economy’s potential growth and generate larger budget deficits.”