Chart of the Day: Net New Jobs in July

The American economy gained 164,000 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 74,000 jobs. This is a modest number, but it happened for all the right reasons. BLS recorded 283,000 newly employed plus another 183,000 who have left the sidelines and re-entered the labor force. Both the labor force participation rate and the employment-population ratio ticked upward slightly.

On the wage side of things, the news was tepid. Hourly wages for blue-collar workers were up at an annual rate of about 0.5 percent after adjusting for inflation. That’s nothing to write home about. What’s worse, the number of hours worked went down, so average weekly wages declined at an annual rate of about 1.6 percent. This continues a trend from last year of workers getting fewer hours, which is now down to its post-recession level.

The upshot of all this is that weekly blue-collar wages have been slowly declining ever since the beginning of the 2019. July was just the latest drop.

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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!

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