Updated analysis using new and revised data suggests that the flow of immigrants into the United States slowed in late 2024. Despite this drop, recent immigration flows remain three times the historical average.
This SF Fed Blog updates estimates first published in our FRBSF Economic Letter “Recent Spike in Immigration and Easing Labor Markets by economist Evgeniya Duzhak.
The Federal Reserve Bank of San Francisco (SF Fed) works to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans. As part of the U.S. central bank, the SF Fed serves the Twelfth Federal Reserve District, which covers the nine western states—Alaska, Arizona, California, Hawai’i, Idaho, Nevada, Oregon, Utah, and Washington—plus American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. By pursuing our two key goals of maximum employment and price stability—known as the Fed’s dual mandate—we work toward supporting an economy that works for everyone.