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 year‑over‑year — the slowest growth since 2021 — as immigration gains fell to about 1.3 million (down from 2.7 million) while births exceeded deaths by only roughly 500,000. Experts point to late‑Biden asylum restrictions and aggressive Trump‑era deportations and border crackdowns for much of the slowdown, with forecasters warning net immigration could fall another million and population change varying by state (Vermont −0.3%, South Carolina +1.5%, with Idaho, North Carolina and Texas among the fastest growers).