Chart of the Day: Net New Jobs in June

The American economy gained 213,000 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 123,000 jobs. The headline unemployment rate rose to 4.0 percent, largely because a whopping 600,000 people entered the labor force, of which 500,000 were unemployed. This is most likely due to high school and college kids graduating, so it’s nothing to worry about.

Wages of production and nonsupervisory workers were up at an annualized rate of 2.2 percent. Unfortunately, the latest CPI report shows inflation running at an annualized rate of 2.5 percent, which means workers got a pay cut last month. Overall, the employment situation seems to still be fine, but workers just can’t seem to string together any decent wage gains. The last six years have been a pretty good recovery for the rich, but pretty ho-hum for the rest of us.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily bluster—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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