Apple Inc. faces a tough decision that Thursday’s bleak jobs report should help simplify—whether to launch a 5G iPhone this fall. It increasingly looks like that would be a mistake.

Data released by the Labor Department on Thursday showed about three million people hitting the unemployment lines just last week alone. That is likely only the start of the fallout from the growing novel coronavirus pandemic that has hobbled the world’s economy. And while China’s manufacturing network is slowly coming back online, making production…