Chart of the Day: Net New Jobs in May

Thursday is evil dex day, which means I’ve been up all night. And you’re the winner! The BLS releases jobs numbers at 8:30 am, but I’m on the West Coast and I don’t roll out of bed until several hours after that. That means my take is usually dated before I even put it up. But not today: I’m awake and ready to give you the fresh take you need to start your day. Here we go:

The American economy gained 223,000 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 133,000 jobs. The headline unemployment rate dropped to 3.8 percent, but unlike last month this wasn’t due to people dropping out of the labor force. It was almost entirely due to lots of people getting jobs.

Wages of production and nonsupervisory workers were up at an annualized rate of 3.9 percent. With overall inflation running at about 2.4 percent, that’s a significant increase.

This is a very strong jobs report and it makes up for the disappointing April report. Our economic expansion appears to still be on track.

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FOLLOW THE MONEY

Corporations and billionaires don’t fund journalism like ours that exists to shake things up. Instead, support from readers allows Mother Jones to call it like it is without fear, favor, or false equivalence.

And right now, a longtime friend of Mother Jones has pledged an incredibly generous gift to inspire—and double—giving from online readers. That's huge! Because you can see that our fall fundraising drive is well behind the $325,000 we need to raise. So if you agree that in-depth, fiercely independent journalism matters right now, please support our work and help us raise the money it takes to keep Mother Jones charging hard. Your gift, and all online donations up $94,000 total, will be matched and go twice as far—but only until the November 9 deadline.

$400,000 to go: Please help us pick up the pace!

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