Trump’s efforts to constrain immigration during his first term played out in a similar fashion; by 2019, the unemployment rate had dropped to 3.5%, its lowest level since 1969, with earnings up 3.5% from 2018. Meanwhile, economic growth slowed to 2.3%, down from 2.9% the year prior, according to the Bureau of Economic Analysis.

Sectors including construction, hospitality, health care and manufacturing are on high alert. Economists are worried about the labor market and growth.