“There’s been a mid-year cooling of the U.S. labor market. Presently, both the size of our immigrant population and foreign-born employed are in decline. The supply side partly pivots on net migration which, according to estimates, could actually be negative this year due to fewer immigrant arrivals and increased deportations (voluntary and involuntary). The investment implications of a cooling labor market extend beyond the initial equity market ripple of early August on the latest jobs report. Net immigration flows could ultimately translate into slower annual gross domestic product (GDP) growth via a shrinking labor market.”
Morten W. Langer
