Net international migration into the United States is expected to drop sharply in 2025, signaling a major demographic shift that could slow labor force growth. A new report by the Federal Reserve Bank of San Francisco estimates that net migration will total around 500,000 people in 2025, compared with 2.2 million in 2024. The decline, driven by lower unauthorized inflows and higher deportations, is projected to reduce the number of working-age adults and slow the expansion of the prime-age labor force. Over the past two decades, US demographics have changed significantly due to population aging and fluctuating migration patterns. The San Francisco Fed report finds that without immigration, the country’s working-age population—those aged 16 to 64—would have begun declining in 2012. Up