Chart of the Day: Net New Jobs in August


The American economy added 142,000 new jobs in March, but about 90,000 of those jobs were needed just to keep up with population growth, so net job growth clocked in at an anemic 52,000. The headline unemployment rate ticked down to 6.1 percent, but that’s mostly because of rounding. The real decline was about one-twentieth of a point, from 6.19 percent to 6.14 percent.

What’s worse, even that tiny drop was illusory: the number of employed people in August was virtually the same as in July. The drop in the unemployment rate was due entirely to the fact that 268,000 people dropped out of the labor force. The labor force participation rate dropped from 62.9 percent to 62.8 percent, and that’s what caused the “drop” in unemployment.

It’s not wise to get too depressed over a single month’s bad numbers, just as it’s not wise to get too excited over a single month’s good numbers. Still, it’s discouraging to see even the modest gains of the past half year grind to a complete, jarring halt. For all practical purposes, the economy failed to improve even a smidgen last month. For the time being, we’re back to treading water.

REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

payment methods

REAL QUICK, REAL URGENT

Minority rule, corruption, disinformation, attacks on those who dare tell the truth: There is a direct line from what's happening in Russia and Ukraine to what's happening here at home. And that's what MoJo's Monika Bauerlein writes about in "Their Fight Is Our Fight" to unpack the information war we find ourselves in and share a few examples to show why the power of independent, reader-supported journalism is such a threat to authoritarians.

Corrupt leaders the world over can (and will) try to shut down the truth, but when the truth has millions of people on its side, you can't keep it down for good. And there's no more powerful or urgent argument for your support of Mother Jones' journalism right now than that. We need to raise about $450,000 to hit our online fundraising budget in these next few months, so please read more from Monika and pitch in if you can.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate