The Jobs Report Is a Peek Through Economic Fog

The September figures show a softening but still resilient economy

WSJ editorial. Excerpts:

"Only 55,000 jobs were gained between May and August, after the latest report’s downward revisions."

"One clear culprit is President Trump’s tariffs, which have raised costs for businesses and reduced international trade. UPS said last month it has cut 48,000 jobs this year as a result of declining package volumes and rising labor costs. The Administration’s immigration raids at workplaces have contributed to labor shortages in some industries. The immigration freeze means fewer workers and consumers."

" the share of small businesses that cite labor quality as their single most important problem has increased over the last year by 18 percentage points in construction and 22 percentage points in transportation."