Marketplace Immigration and job growth are linked, Fed says
20 snips
Feb 18, 2026 
Lindsay Ellis, WSJ workplace reporter, discusses reverse recruiters, job search trends, and AI in hiring. Neil Mahoney, Stanford economist, explores the costly “annoyance economy” of spam, fees, and friction. Elizabeth Troval, energy reporter, breaks down why California gas stays pricey. Nova Safo, labor reporter, explains the San Francisco Fed finding that immigration flows and job growth move together.
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Immigration Flows Drive Local Job Growth
- Areas with bigger slowdowns in unauthorized immigration saw bigger slowdowns in employment growth.
- The San Francisco Fed links immigration flows directly to local job growth and sectoral labor supply.
Fewer Immigrants Shrink Workforce Growth
- Losing immigrant workers shrinks the workforce and harms economic growth.
- Michael Clemens and others warn decreased migration will slow industries like construction and homebuilding.
Migrant Shortages Threaten Construction Supply
- Sectors most dependent on migrant labor include agriculture, hospitality, manufacturing, and construction.
- Reduced immigrant labor could slow homebuilding and raise housing prices by cutting supply.