Signs of a Weaker Labor Market

...Our friend Don Luskin of Trend Macro notes another concern, which is two months in a row of shrinking foreign-born employment. Leaving aside the legal and other problems with Joe Biden’s border failures, there’s no doubt that immigrant labor buoyed the job market over his Presidency. That seems to be going into reverse, as you’d expect with the Trump Administration’s crackdown.

In the four months of Trump II, Mr. Luskin calculates that the immigrant population has shrunk by 773,000, or 193,000 a month. Fewer immigrants mean fewer workers to fill job openings, so there will be a cost in future growth from the Trump Administration’s border closure and deportation roundups...