Chart of the Day: Net New Jobs in October

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The American economy added 271,000 new jobs last month, 90,000 of which were needed to keep up with population growth. This means that net job growth clocked in at a brisk 181,000 jobs—nearly all of it in the private sector. Not bad! The headline unemployment rate ticked down to 5.0 percent, and virtually of this gain was because more people were employed, not because folks were dropping out of the labor force. This is pretty good news if it translates into wage growth too.

Which it did. Hourly earnings of production and nonsupervisory employees were up 5.3 percent on an annualized basis, and weekly earnings were up an impressive 9.1 percent, which suggests workers are getting more hours and more overtime.

There’s really nothing much to dislike about this jobs report. As usual, it carries the risk that it will prompt the Fed to raise interest rates, but I think that’s inevitable at this point barring some kind of economic catastrophe. And a small increase won’t have much effect anyway. Now let’s see if we can keep this up through the holiday season.

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We've never been very good at being conservative.

And usually, that serves us well in doing the ambitious, hard-hitting journalism that you turn to Mother Jones for. But it also means we can't afford to come up short when it comes to scratching together the funds it takes to keep our team firing on all cylinders, and the truth is, we finished our budgeting cycle on June 30 about $100,000 short of our online goal.

This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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