Chart of the Day: Net New Jobs in September

The American economy gained 136,000 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 sluggish but decent 46,000 jobs. The headline unemployment rate dropped to 3.5 percent, the lowest rate in half a century.

The numbers below the surface were decent too. Employment was up, unemployment was down, and only a small number of people dropped out of the labor force—probably accounted for by older folks retiring. The labor participation rate stayed steady.

At the same time, as you can see, the trend line recently has been steadily downward for the past year or so. If this continues at its current rate, we’ll hit zero net job growth in the first quarter of 2020.

Blue-collar wages grew just slightly faster than inflation. There’s still a little bit of wage pressure in the economy, but it’s fading away.

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This is no time to come up short. It's time to fight like hell, as our namesake would tell us to do, for a democracy where minority rule cannot impose an extreme agenda, where facts matter, and where accountability has a chance at the polls and in the press. If you value our reporting and you can right now, please help us dig out of the $100,000 hole we're starting our new budgeting cycle in with an always-needed and always-appreciated donation today.

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