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Rising Immigration Has Helped Cool an Overheated Labor Market

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Abstract

The United States has experienced a substantial influx of immigrants over the past two years. In 2023, net international migration surpassed its pre-pandemic peak. This flow of immigrant workers has acted as a powerful catalyst in cooling overheated labor markets and tempering wage growth across industries and states.

Suggested Citation

  • Elior Cohen, 2024. "Rising Immigration Has Helped Cool an Overheated Labor Market," Economic Bulletin, Federal Reserve Bank of Kansas City, pages 1-4, May.
    • Handle: RePEc:fip:fedkeb:98294
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