Chart of the Day: Net New Jobs in January

The American economy gained 304,000 jobs last month. We need 90,000 new jobs just to keep up with population growth, which means that net job growth clocked in at a healthy 214,000 jobs. The unemployment rate rose to 4.0 percent.

The BLS does a comprehensive revision of the previous year’s numbers each January, and that resulted in a fairly large revision downward in December’s numbers. They’re now 90,000 less than was reported last month, so I guess the holiday season wasn’t quite as good as we thought.

Earnings of production and nonsupervisory workers increased at a miserly annualized rate of 1.6 percent in the month of January. With inflation running at about 2 percent, this means that blue-collar workers saw a pay cut of about 0.4 percent. Yuck. However, this is probably just making up for the huge upward spike last month. Year-over-year earnings increased 3.4 percent, or about 1.4 percent when you account for inflation. That’s not bad.

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