The U.S. unemployment rate dropped again under President Obama in the most recent jobs report released Friday morning.
Economists had predicted the unemployment would remain at 4.9% but it unexpectedly dropped to 4.6%. That is the lowest unemployment rate since August of 2007, as the figure skyrocketed as a result of the mortgage collapse and global economic collapse under George W. Bush.
The economy added 178,000 jobs in the most recent report, and average hourly earnings were up 2.5% over last year.
Yahoo Finance pointed out, “Trump will be inheriting an economy that’s in great shape.”
The latest jobs report reflected a continuing trend of job growth under President Obama. It was the 81st month in a row where the economy has added jobs while he has been president. Overall the U.S. economy has added 15.5 million private sector jobs during his presidency.
When Obama took office, the U.S. economy was losing an alarming amount of jobs under Bush. In December of 2008, that accounted for a loss of 800,000 jobs in one month, followed by similar losses in the months following as Bush’s failure to react to worsening economic conditions ravaged the economy. At its peak, the Bush economy resulted in an unemployment rate of 10%.
Under Obama, that number has been cut more than half, even as Republicans in Congress failed to work with Democrats to improve the economy and claimed that health care reform would hurt the recovery. In fact, Obama showed it’s possible to cut unemployment, keep taxes low for the middle class, have the super wealthy pay their fair share of taxes, while expanding access to health care for millions – simultaneously.
Now Trump’s task will be maintaining the gains from the Obama economy. Early signs are that his policies will be tilted in favor of the super-rich and against the middle class, shaking up the successful Obama formula.
[amazonjs asin=”1250081394″ locale=”US” title=”A Consequential President: The Legacy of Barack Obama”]