Chart of the Day: A Disappointing Jobs Report in October

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The American economy added 178,000 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 a modest 88,000 jobs. At first glance this seems OK, but it looks worse when you drill below the surface.

The headline unemployment rate spiked down to 4.6 percent, which is very close to a record low for the past 40 years. Unfortunately this is largely because a stunning 446,000 people dropped out of the labor force, not because a huge number of people got jobs. In fact, the labor participation rate went down, from 62.8 percent to 62.7 percent. Given this, it’s not surprising that hourly earnings of production and nonsupervisory employees were flat. If the labor market were really tightening, wages would be going up.

The general reaction to this jobs report seems to be that it shows “decent, steady growth.” I don’t agree. That is what the headline unemployment number shows, but this mostly suggests that the headline unemployment number is becoming less and less reliable as a good measure of the jobs picture. This was a disappointing report.

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.

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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.

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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.

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