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MNI: Low Immigration To Keep Lid on Labor Supply -Fed Staffers

(MNI) Washington

Shortage of foreign-born workers will constrain workforce growth even after participation makes a full recovery.

A dramatic slowdown in immigration over the past few years is exacerbating the U.S. worker shortage, contributing to wage pressures and likely constraining growth for some time, Federal Reserve economists told MNI.

The loss of older workers and women from the workforce during the Covid-19 pandemic have been cited as top reasons for the lack of labor supply. But the decline in immigration is also playing a significant role, and the trend isn't likely to improve soon due to massive backlogs and Fed tightening that may weaken growth prospects, the economists said.

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A dramatic slowdown in immigration over the past few years is exacerbating the U.S. worker shortage, contributing to wage pressures and likely constraining growth for some time, Federal Reserve economists told MNI.

The loss of older workers and women from the workforce during the Covid-19 pandemic have been cited as top reasons for the lack of labor supply. But the decline in immigration is also playing a significant role, and the trend isn't likely to improve soon due to massive backlogs and Fed tightening that may weaken growth prospects, the economists said.

Keep reading...Show less