At a time when all eyes seem to be focused on Washington’s unfolding impeachment drama, news on the economy could receive short shrift. But some of the most recent data call for attention. In a few words, the U.S. economic engine has a bad case of lethargy, far more like a turtle than a rabbit, and impeachment proceedings are unlikely to change that.

By many important economic indicators, the economy shifted into low gear in December 2018 when our elected leaders decided to shut down the government and impose higher tariffs on Chinese imports. Since January 2019, year-over-year growth in employment, which remains positive, has fallen systematically. The same holds true for growth in commercial and industrial loans made by banks.