New data suggest that net migration into the United States has dropped sharply in 2025 from its historical highs, falling well below previous estimates.
The SF Fed Blog updates estimates first published in our FRBSF Economic Letter “Recent Spike in Immigration and Easing Labor Markets and data highlighted in a November 2024 blog, both 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.