Chart of the Day: The Real Employment Picture

Another day, another lousy jobs report. The Washington Post headlined it like this:

Job creation in U.S. comes to a halt in August

At the risk of being tiresome, this isn’t correct. We need to add about 150,000 jobs each month merely to keep up with population growth, which means that real net job growth is negative and has been for over a year. The chart below shows real net job creation over the past three years. We should do something about this. How about a trillion dollars for infrastructure?

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