Chart of the Day: Net New Jobs in October

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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.

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Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

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