America's labor shortage is actually an immigrant shortage

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America's labor shortage is actually an immigrant shortage

U.S. employers say it's a hard time to find and keep talent. Workers are decamping at near-record rates, while millions of open jobs go unfilled. One reason for this labor crunch that has largely flown beneath the radar: Immigration to the U.S. is plummeting, a shift with potentially enormous long-term implications for the job market.

In the middle of the last decade, the U.S. was adding about 1 million immigrants a year. But those numbers, which slowed down during the Trump administration, hit a brick wall when COVID-19 erupted in 2020.

"This decline reflects both tougher immigration policies and the pandemic which reduced legal immigration and caused some recent immigrants to return to their native countries," David Kelly, chief global strategist at JPMorgan Funds, said in a recent report.

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