The Fed Must Act Before the Job Market Cracks

America's labor market is flashing red, and the Federal Reserve is watching the light change instead of hitting the brakes. Job openings have fallen to 7.26 million, the lowest level in 4½ years. Private-sector hiring has turned negative, with September's ADP data showing -32,000 jobs after August was revised down to -3,000. Employers' plans to add workers have plunged 71% from last year, and year-to-date hiring announcements are the weakest since 2009. The Fed must move decisively by cutting rates 50 basis points in both the October and December meetings to prevent further...