President Obama talks to Caterpillar employees in East Peoria, Ill., in February 2009 about the then-struggling overall economy. President Obama speaks to Caterpillar employees in East Peoria, Ill., in February 2009 about the then-struggling overall economy. On Fri The ultimate chapter of the Obama overall economy drew very much closer to its end, with the final jobs report of the 44th president’s time in office. That record demonstrated the 75th right month of job development, with employers adding 156,000 jobs.
Solid, but nothing flashy. In that real way, it was emblematic of how the job market has generally fared because the worst of the fantastic Recession’s aftermath: chugging along, but surely recovering slowly. Day in the books With the final Obama administration jobs, it’s a good time to look at how American employees have fared.
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Donald Trump will inherit employment market that is vastly rehabilitated from damaging lows only a few years ago. However, it has also undergone profound changes that have scarred many American workers. Unemployment: How low can it go? That decline is the consequence of a continuous period of job growth.
The administration is continuing to grow fond of showing off its long term run of job development every month. For a few perspective, here’s how big that job development was: Obama averaged 109,000 jobs per month. Obviously, President Obama came into office as the economy was plunging into a recession (a plunge that also drags down George W. Bush’s amount). But even if you average out Obama’s 75 straight a few months of job growth, you get 199,per month 000 jobs, still shy of Clinton’s economy. Quite simply, the Obama recovery has been moderate, but remarkably steady.
The question is how long that stable climb can continue uninterrupted. The unemployment rate is already near a nine-year low, this week as Steven Russolillo at the Wall structure Street Journal described, and there is certainly some question among economists how low it can go. Having a job is one thing. Having an operating job that pays well is another. And slowly through Obama’s tenure, those wages have inched upward.
In fact, wages were one shiny spot of Friday’s careers report. Average hourly income were up by 2. in December 9 percent. After many years of hovering around 2 percent, that’s welcome growth. Aside from meaning more money in employees’ pockets, income growth acts as another indication of the tightening labor market yet, signaling that employers are prepared to pay more to entice workers.
Rising wages may inspire the Federal Reserve to consider its foot further from the gas pedal in the coming weeks (that is, allow interest rates to go up) – a reminder that the overall economy isn’t exactly under the president’s control. This one became a flashpoint in the presidential election, with Trump sometimes directing out how much the labor force shrank under Obama.
The main way of measuring this is the labor force involvement rate – that is, the percentage of individuals who are either working or looking for work (that is, who are in the labor force). That amount was at 65.7 percent in January 2009, in the beginning of Obama’s presidency, today reaches 62 and.7 percent – a steep drop. And today, the amount is well below its 2000 high of 67.3 percent.
But it’s not clear how bad or how benign that change is. Many Americans are out of the labor force and entirely happy about it. Quitting work to retire, for example, is a totally nonalarming reason to leave the labor force. But then, there may be many people who, facing a hardcore job market, have abandoned looking for work.