“Challenging Times for Workers” — Powell on Immigration Shifts, Assures US Economy is ‘Incredibly Productive’

Fed Chair Jerome Powell says recent immigration policy changes are reshaping the labor market in ways that make this a challenging time for workers, especially for people trying to enter an economy where both labor demand and labor supply have softened. Powell also offered a note of confidence. He said the US economy is incredibly dynamic, flexible, and productive, and argued that America remains in a stronger position than many other large mature economies when it comes to productivity and reinvention.