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.

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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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