Chart of the Day: Net New Jobs in December

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The American economy added 252,000 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 162,000 jobs, which is not quite as good as last month but still not bad. Virtually all of this growth was in the private sector, yet another sign that the recovery is finally motoring along at a steady if unspectacular rate.

But the news was not all good. The headline unemployment rate fell from 5.8 percent to 5.6 percent, but this was mostly because of people dropping out of the labor force. Wage growth was also disappointing. Last month’s wage increases, which I was skeptical about, were entirely washed away. Earnings for nonsupervisory workers actually dropped to slightly below their October levels.

Overall, this jobs report is decent news, but hardly great. Until we start to see steady employment growth and steady wage growth, the labor market still has a lot of slack no matter what the headline unemployment rate is. Given this, in addition to possible headwinds in the rest of the world, the Fed needs to continue to keep interest rates low for quite a while longer. It’s not yet time to tighten.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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