What’s Happening to the Economy Is Obvious to Anyone Paying Attention

The latest jobs report delivered another jolt to the U.S. economy—just a month after the last one cost the BLS commissioner his job. August saw only 22,000 new positions, with revisions showing June actually lost jobs, the first decline since the pandemic. Manufacturing, construction, and mining are sliding, even as health care and social assistance keep numbers afloat. With tariffs raising costs, immigration plummeting, and investment wavering, the warning signs point toward stagflation—an economic slowdown America may be imposing on itself.