U.S. Macroeconomy and Labor Markets

The Census pegs the U.S. population at 341.8 million as of July 2025, up 1.8 million in 12 months — the slowest post‑COVID growth — with a 1.3 million rise in the foreign‑born population (down from 2.7 million the year before) while births exceeded deaths by only about 500,000. Experts attribute the slowdown to a mix of late‑Biden asylum restrictions and Trump‑era deportations and border crackdowns, and census forecasters warn net immigration could fall by another 1 million this year; the Trump administration says deportations have eased housing pressures in immigrant‑heavy communities. State changes were uneven — Vermont declined 0.3% while South Carolina grew 1.5%, with Idaho, North Carolina and Texas among the fastest‑growing — and analysts note some of the prior surge reflected pent‑up demand from COVID border closures and shifting global policies that may be diverting migrants.