Today's disappointing employment report shows that private sector jobs have been essentially flat over the past three months, while manufacturing employment has actually declined modestly in the last four months. It's a stall speed jobs report , to use Chris Waller's phrase, but it's not a recession report.

Business investment in capital goods and factory orders are booming . And in a few months, middle income workers will reap the benefits of Trumpian tax cuts on tips, overtime, and social security benefits. As I have suggested, the economy, both present and future, is stronger than folks may think.

Unsurprisingly, President Trump responded with a brief Truth Social, saying "Jerome 'Too Late' Powell should have lowered rates long ago. As usual, he's 'Too Late!'" Hopefully "Too La

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