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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Thank you!

We didn't know what to expect when we told you we needed to raise $400,000 before our fiscal year closed on June 30, and we're thrilled to report that our incredible community of readers contributed some $415,000 to help us keep charging as hard as we can during this crazy year.

You just sent an incredible message: that quality journalism doesn't have to answer to advertisers, billionaires, or hedge funds; that newsrooms can eke out an existence thanks primarily to the generosity of its readers. That's so powerful. Especially during what's been called a "media extinction event" when those looking to make a profit from the news pull back, the Mother Jones community steps in.

The months and years ahead won't be easy. Far from it. But there's no one we'd rather face the big challenges with than you, our committed and passionate readers, and our team of fearless reporters who show up every day.

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