How Biden's border restrictions could affect the labor market

The high job growth of the past few years was driven in large part by immigration, but now the Biden administration is looking to curb migrants' entry into the country.

Why it matters: The strength in the job market helped underpin a surprisingly strong economy amid historic interest rate hikes. The big question now is whether the new border restrictions will slow either the job market or the economy overall.

If it does, it'll probably take a while to shake out — likely past Election Day.

Much of the growth in the job market in recent years has come from lawful immigration — and the administration's actions won't impact that.