The Trump Economy Stumbles

The President has his new world tariff order in place, but jobs and growth don’t look so good

WSJ editorial. Excerpts:

"Friday’s labor report arrived with a particular jolt, with a mere 73,000 net new jobs in July. Even more bearish were the downward revisions of 258,000 jobs in May and June. Job gains over the last three months are barely more than 100,000."

"The labor participation rate fell again to 62.2% and is now down half a percentage point in a year."

"Employers . . . have all but stopped new hiring."

"most of the new jobs are in healthcare and social assistance"

"The economy shed 11,000 manufacturing jobs in July, following a loss of 26,000 in May and June."

"it has occurred in the wake of Mr. Trump’s April 2 tariff shock"

"The policy uncertainty has surely affected business hiring and investment."

"But the tariff tax increase in dollar terms at Mr. Trump’s current rates will be close to $360 billion a year. That’s among the largest tax increases in recent history."