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By Robinson Meyer

Mr. Meyer is a contributing Opinion writer and the founding executive editor of Heatmap, a media company focused on clean energy and climate change.

The American economy seems to be slowing. Although the unemployment rate remains low, the jobs report released this month showed that the U.S. labor market has essentially been stalled since President Trump foisted “Liberation Day” on us in April. Yes, it’s true, the artificial intelligence sector remains white-hot, but once you look beyond it, the weather is chillier — the manufacturing sector may be shrinking, home building is slowing and most employment growth is happening in just one industry: health care.