Chart of the Day: Net New Jobs in July

So how did we do on the jobs front in July? Obviously we’re in new territory these days, but I think the answer is “meh”:

The BLS reports that we gained 1.8 million jobs, which is less than half what we gained in June. On the unemployment front, there were 6.3 million fewer workers who had been unemployed for 5-14 weeks, but 4.6 million more workers who had been unemployed for 15-26 weeks. The industries with the biggest gains were leisure, temp services, and retail.

On the earnings front, the news was all bad: hourly wages of blue-collar workers were down about 5 percent on an annualized basis. Wages for retail workers were down 3.4 percent from June, or 42 percent on an annualized basis. That’s not a typo. It would appear that retailers took the opportunity of COVID-19 to slash pay for their workers. Isn’t that lovely?

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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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