Employment Picture Even Grimmer Than You Think

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Every month Steve Benen publishes a handy chart showing job gains and losses since January 2008. Looking at the latest dismal numbers for May, he concludes, “Any sane person should look at these numbers and conclude that the economy desperately needs a boost.”

But it’s worse than that. As I mentioned yesterday, the U.S. economy needs to add about 150,000 jobs per month just to stay even with population growth. This means that you really need to look at how many jobs we gained above (or below) 150,000, not above or below zero. So here’s Steve’s chart, modified to show just that. As you can see, the last eight months, when the economy has supposedly been starting to recover, has actually been virtually flat. Relative to population growth, we’ve been generating no new jobs at all.

So yes: “Any sane person should look at these numbers and conclude that the economy desperately needs a boost.” Even the not especially sane ought to have figured that out by now.

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THE BIG PICTURE

You expect the big picture, and it's our job at Mother Jones to give it to you. And right now, so many of the troubles we face are the making not of a virus, but of the quest for profit, political or economic (and not just from the man in the White House who could have offered leadership and comfort but instead gave us bleach).

In "News Is Just Like Waste Management," we unpack what the coronavirus crisis has meant for journalism, including Mother Jones’, and how we can rise to the challenge. If you're able to, this is a critical moment to support our nonprofit journalism with a donation: We've scoured our budget and made the cuts we can without impairing our mission, and we hope to raise $400,000 from our community of online readers to help keep our big reporting projects going because this extraordinary pandemic-plus-election year is no time to pull back.

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