Chart of the Day: Net New Jobs in February

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The American economy added 295,000 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 205,000 jobs, which is quite a bit better than January and represents a nice confirmation that the labor market has picked up over the past four months. Virtually all of the growth was in the private sector.

The headline unemployment rate went down to 5.5 percent, but this was due to a combination of more people getting jobs and more people dropping out of the labor force and no longer being counted in the unemployment numbers. So this is a fairly mixed report. Unsurprisingly, since it doesn’t represent a huge growth in the actual number of people employed, wages remained sluggish. Average hourly earning went up three cents, or 0.12 percent. Moody’s Mark Zandi tried to put a positive spin on this: he told the New York Times that “current wage growth data appeared gloomier than the underlying reality, in part because of demographic factors. As well-paid baby boomers enter retirement, to be replaced by younger workers starting out at lower salaries, he said, the overall wage pattern has tilted slightly lower. Also, people who have been out of work for long stretches are starting to come back into the labor force and accepting lower wages.”

So….not bad. But not quite as good as the top line number suggests. We’re still motoring along, but we’re still in second gear. We still haven’t really seen a sharp shift upward.

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And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

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THE TRUTH IS...

what drives Mother Jones' team of 50-plus journalists. The truth is powerful, as evidenced by how hard those with something to hide, or profit to gain, seek to discredit it. The truth, stated boldly and reported meticulously, is what draws so many readers to Mother Jones.

And the truth is, going into the final 4 days of the year we still needed to raise $TK to hit our $350,000 goal and start 2021 on track. It's nerve-wracking, wondering if the big spike we normally see at the end of December is going to be another thing that doesn't go as planned in 2020, or worse, if, now that Donald Trump is set to leave the White House (for longer than a taxpayer-funded golf trip to a property he owns), folks might be pulling back from fighting for the truth and a democracy and think the hard work is done.

It's not, and if you can right now, please consider a year-end donation to support our team's fearless nonprofit journalism so we can close that big fundraising gap and finish the year strong, ready for all that's ahead in 2021. Whether you can give $5 or $500, it all matters in keeping us charging hard, and we'd be grateful.

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