Mark Zandi, chief economist at Moody’s, attributes President Donald Trump‘s immigration policies to a high unemployment rate among American workers. He also blamed the administration for other supply-side policy shocks.
Zandi observed a drop in foreign-born unemployment to a level below that of native-born Americans in October 2025. The economist told Fortune that he expects a policy shift regarding immigration in the future. However, he cautions about immediate stagflationary impacts on the labor market, predicting price increases without corresponding output growth.
