Immigration and job growth are linked, Fed says

February 18, 2026

AI Summary

5 min read

🎙️ The Voices & The Context

The Format: Daily economic news magazine podcast with host-led segments, reporter dispatches, short interviews, and market updates—fast-paced radio-style broadcast.
The Key Players:
- Host: Kai Risdal, wry, engaging Marketplace host who ties stories together with dry humor and personal asides (e.g., his spam email woes).
- Notable Guests/Reporters: Stanford economist Neil Mahoney (deep dive on "annoyance economy"); WSJ's Lindsay Ellis (job market reverse recruiters); Wolftooth Components co-owner Brendan Moore (AI productivity story). Correspondents like Novasafo, Elizabeth Troval, Carla Javier add expert color.
The Vibe: Educational yet accessible—informative on macroeconomics with light banter, sarcasm (e.g., Fed's Magic 8-Ball), and relatable frustrations; optimistic undertones on AI/economy.

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What you'll learn

1 (00:01) **Fed Minutes Signal Possible Rate Hikes**
2 (01:30) **Immigration Flows and Labor Market Dynamics**
3 (04:11) **California's High Gas Prices and State Policies**
4 (07:16) **🎙️ Interview: Neil Mahoney on the "Annoyance Economy"**
5 (13:44) **Why the Fed Prefers PCE Inflation Measure**
6 (15:49) **🎙️ Interview: Lindsay Ellis on Reverse Recruiters**
7 (20:04) **AI's Murky Link to Worker Productivity**

+ Full timestamped outline available in the app

Show Notes

Areas that recently experienced the largest slowdowns in unauthorized immigration also saw the largest slowdowns in employment growth, according to data analysis by the San Francisco Fed. This disproves the accusation that immigrants take jobs from American citizens. In this episode, how tighter immigration restrictions could affect the U.S. labor market long-term. Plus: It’s too early to tell how AI affects workplace productivity, California gas prices reflect more than high taxes, and the upcoming PCE index will tell Fed economists where we're at with inflation.

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