Chart of the Day: Net New Jobs in August

Let our journalists help you make sense of the noise: Subscribe to the Mother Jones Daily newsletter and get a recap of news that matters.


The American economy added 173,000 new jobs last month, 90,000 of which were needed to keep up with population growth. This means that net job growth clocked in at 83,000 jobs. The headline unemployment rate fell from 5.3 percent to 5.1 percent. Hourly earnings of production and nonsupervisory employees were up at an annualized rate of 2.9 percent.

Roughly speaking, there was nothing interesting in the guts of the report. The unemployment rate was down both because there were more employed workers and because the size of the labor force shrank a bit. The labor force participation rate stayed steady. There were no big surprises in any particular industry.

This has left everyone free to speculate on what this report means for the prospect of the Fed increasing interest rates later this month. On the one hand, the jobs report fell a bit below expectations. On the other hand, the unemployment rate was down nicely and wages showed a bit of life. On the third hand—well, everyone’s just guessing here. Basically, this month’s jobs report is ordinary enough that it probably won’t have much impact at all. The Fed will consider overseas weakness, labor market slack, and all the other things that have been on their plate for a while. If they were planning to raise rates before this report came out, they probably still are.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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