Wall Street Is Divided Over Whether Immigration Is Behind US Hiring Slowdown

Recruiters and job seekers during a job fair in Chicago, Illinois, US.

Photographer: Jamie Kelter Davis/Bloomberg

Wall Street economists disagree on what’s behind a sharp slowdown in US job growth, highlighting a divide that is central to the broader outlook for the economy.

Some argue the pullback in hiring mostly reflects a smaller supply of workers, thanks in part to President Donald Trump’s immigration crackdown. Others say the slowdown is largely due to a more concerning retrenchment in demand.