New Jobs Report Cements Obama’s Economic Legacy As Most Consistent Job Creator Since FDR
75 Months Of Job Growth Puts Obama In Historic Company
His signature legislative accomplishment has a pending execution date, but Friday morning’s job report assures President Obama that his economic legacy will be more than a footnote in history. The economy added 156,000 jobs in December of 2016. The unemployment rate in the final jobs report of the Obama Presidency is 4.7%. The book is now officially closed on Obama’s job creation record.
The White House quickly lauded their accomplishment on social media:
Longest streak of total job growth on record ✓
— The White House (@WhiteHouse) January 6, 2017
Furthermore, as the report points out, wages continued to increase, making 2016 the strongest year for wage growth since 2009:
In December, average hourly earnings for all employees on private nonfarm payrolls increased by 10 cents to $26.00, after edging down by 2 cents in November. Over the year, average hourly earnings have risen by 2.9 percent. In December, average hourly earnings of private-sector production and nonsupervisory employees increased by 7 cents to $21.80.
December marks the seventy-fifth consecutive month of job growth, which puts the Obama Administration in historic company. The Washington Post points out that the last time the US saw a sustained period of growth like this, Franklin Roosevelt was towards the end of his second term:
(T)he number of new jobs added in December was far above what’s needed to keep up with population growth, economists said. December marks the 75th straight month of job growth — the most extended streak the country has seen since 1939.
‘Trump Inherits An Economy That Is Fundamentally Solid’
Donald Trump campaigned against the Obama economy, and his point certainly resonated with enough Americans. Yet for all of his criticism, he’s about to take the keys to a very sturdy vehicle this month. New York Times business reporter Nelson Schwartz says:
Indeed, for all his criticism of Mr. Obama’s economic stewardship during the campaign, Mr. Trump inherits an economy that is fundamentally solid. Consumer sentiment, corporate profits and the stock market are all at or near multiyear highs.
There is no need to retell the story of the American economy when Obama took office. Likewise, we now know exactly what type of economy Trump is taking over. Americans may quibble over perceptions, but history will be the final judge of both Presidencies.
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