Chart of the Day: Net New Jobs in October

Fight disinformation. Get a daily recap of the facts that matter. Sign up for the free Mother Jones newsletter.


The American economy added 214,000 new jobs in October, but about 90,000 of those jobs were needed just to keep up with population growth, so net job growth clocked in at 124,000. That’s about the same as last month—in fact, about the same as the past nine months—and it’s a fairly solid number. In addition, the headline unemployment rate ticked down to 5.8 percent, and this was a real gain, not a chimera due to more people giving up and leaving the workforce. In fact, both the labor force participation rate and the employment-population ratio were up.

This is all good news. It’s not evidence of a roaring economy, but it’s solid good news. As usual, the main blemish comes in wage growth, which continues to be stuck at about zero after accounting for inflation. In other words, the economy is growing, but it’s still not growing fast enough to truly tighten up the labor market. When we start seeing healthy wage gains, that will be the first sign that we’ve truly put the Great Recession behind us. We’re not there yet.

ONE MORE QUICK THING:

Or at least we hope. It’s fall fundraising time, and we’re trying to raise $250,000 to help fund Mother Jones’ journalism during a shorter than normal three-week push.

If you’re reading this, a fundraising pitch at the bottom of an article, you must find our team’s reporting valuable and we hope you’ll consider supporting it with a donation of any amount right now if you can.

It’s really that simple. But if you’d like to read a bit more, our membership lead, Brian Hiatt, has a post for you highlighting some of our newsroom's impressive, impactful work of late—including two big investigations in just one day and covering voting rights the way it needs to be done—that we hope you'll agree is worth supporting.

payment methods

ONE MORE QUICK THING:

Or at least we hope. It’s fall fundraising time, and we’re trying to raise $250,000 to help fund Mother Jones’ journalism during a shorter than normal three-week push.

If you’re reading this, a fundraising pitch at the bottom of an article, you must find our team’s reporting valuable and we hope you’ll consider supporting it with a donation of any amount right now if you can.

It’s really that simple. But if you’d like to read a bit more, our membership lead, Brian Hiatt, has a post for you highlighting some of our newsroom's impressive, impactful work of late—including two big investigations in just one day and covering voting rights the way it needs to be done—that we hope you’ll agree is worth supporting.

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