Immigration decline hurts growth and inflation prospects – Fed research
Declining immigration could “significantly” and adversely impact entrepreneurship, innovation and inflation, research by regional Federal Reserve banks finds.
In the pandemic, “net migration into the US basically fell to zero”, Federal Reserve Bank of Dallas vice-president Pia Orrenius said. “That’s unprecedented.”
“I think absolutely there’s a connection [between the lack of immigration and inflation],” said Orrenius. “The spike in labour costs has many sources and immigration may not be the
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