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Economy “Strong” Under President Obama as Unemployment Falls to 9-Year Low

For Immediate Release

December 2, 2016

Contact: DNC Press – 202-863-8148

Economy “Strong” Under President Obama as Unemployment Falls to 9-Year Low

November’s jobs report shows that the economy is “strong” under President Obama’s leadership, as the unemployment rate fell to 4.6 percent, a 9-year low. Democratic leadership in the White House has steered our nation in the right direction, lifting up hardworking Americans and their families. At the end of the last Republican administration, our economy was losing 800,000 jobs a month, and millions of Americans were losing their homes and life savings. In January, Trump will inherit an economy that has created 15.6 million new jobs since early 2010 and produced the longest streak of private-sector job growth in American history.

Read what people are saying about the latest strong jobs report under President Obama:

New York Times: Patricia Cohen: President Obama Is Handing a Strong Economy to His Successor

Departing occupants of the White House rarely hand off an improving economy to a successor from the opposing party. When Barack Obama was waiting in the wings after the 2008 presidential election, for example, the economy was in a severe downward spiral: Employers reported cutting 533,000 jobs that November, the biggest monthly loss in a generation. But according to the government’s report on Friday, Donald J. Trump can expect to inherit an economy that has added private sector jobs for 80 months, put another 178,000 people on payrolls last month and pushed the unemployment rate down to 4.6 percent today from 4.9 percent the previous month. Wage growth, though slower, is still running ahead of inflation, and consumers are expressing the highest levels of confidence in nearly a decade. The Federal Reserve is confident enough about the economy’s underlying strength that it is now set to raise the benchmark interest rate when it meets later this month.

New York Times: Neil Irwin: The New Jobs Numbers Signal the End of an Economic Era

In the book of United States economic history, the November jobs numbers released on Friday would make a fitting end to a particularly long, terrifying chapter that began nine years ago. The unemployment rate fell to 4.6 percent, the Labor Department said, from 4.9 percent. The last time it was this low was August 2007. That was the month, you may recall, when global money markets first froze up because of losses on United States mortgage-related bonds: early tremors of what would become a recession four months later and a global financial crisis nine months after that.

Washington Post: Ana Swanson: U.S. economy added 178,000 jobs in November; unemployment rate dropped to 4.6 percent

The U.S. economy added 178,000 jobs in November, and the unemployment rate fell to 4.6 percent from 4.9 percent the previous month, according to new government data released Friday morning. The first employment report after a contentious presidential election in which the candidates expressed diverging views of the health and direction of the economy showed a job market that is continuing to steadily strengthen from the recession.

Associated Press: Christopher S. Rugaber: US employers add 178K jobs as unemployment sinks to 4.6 pct.

Even so, Friday’s report from the Labor Department reflected a resilient job market that is helping drive the U.S. economy. The economy this year has added an average of 180,000 jobs a month – more than enough to lower the unemployment rate over time…Americans bought homes in October at the fastest pace in nearly a decade. Their willingness to make such a major purchase reflects growing optimism. In fact, according to the Conference Board, Americans are more confident in the economy than at any other point in the past nine years. They are spending more, too. Solid consumer spending helped propel growth to a 3.2 percent annual rate in the July-September quarter, the best showing in two years.

NPR: Camila Domonoske: Unemployment Rate Drops To 4.6 Percent, Lowest Level Since 2007

Unemployment dropped by 0.3 percentage points, to 4.6 percent, last month — the lowest rate since 2007 — according to the monthly jobs report from the Bureau of Labor Statistics. As NPR’s Marilyn Geewax notes, 4.6 percent unemployment is what most economists consider “full employment”….The jobs report says the U.S. added 178,000 new jobs in November, which is about what economists had expected. But the drop in unemployment was a surprise — economists thought it would hold steady at 4.9 percent.

CNN Money: Patrick Gillespie: Unemployment drops to 4.6%, lowest since 2007

The U.S. economy added 178,000 jobs in November, the Labor Department reported Friday, and the unemployment rate fell sharply to 4.6% from 4.9% in October. It’s the lowest rate since August 2007. Unemployment has been at or below 5% for nearly a year as more people have returned to the job market and hiring has maintained momentum. November was the 74th consecutive month America added jobs.

Bloomberg: Sho Chandra: Payrolls in U.S. Rise as Jobless Rate Falls to Nine-Year Low

Friday’s data showed that 4.52 million Americans who entered the labor force got jobs in November, up 575,000 from October — the biggest monthly increase in records going back to 1990…Companies continue to add jobs at a steady clip. Private employment, which excludes government agencies, rose by 156,000 after a 135,000 increase the prior month. Government payrolls rose by 22,000, with employment at state and local agencies up 19,000.

Business Insider: Akin Oyedele: Unemployment rate tumbles to a 9-year low

The US unemployment rate fell to a nine-year low in November as fewer people searched for jobs, according to a report Fridayfrom the Bureau of Labor Statistics. The unemployment rate dropped to 4.6%, while labor-force participation as a share of the working-age population declined to 62.7%, remaining near the lowest level since the 1970s. Fewer people are joining the labor force on net partly because baby boomers are retiring in droves.

Fortune: Stephen Gandel: Unemployment Rate Hits New Post-Financial Crisis Low

Nonetheless, the unemployment rate dropped unexpectedly to 4.6%. That’s the lowest rate that economic measure has been since August 2007, and is near what the Federal Reserve calls full employment. While that is certainly good news, the low jobless number will certainly cause some to think that economic gains are likely to slow from here, and inflation may rise. But that hasn’t happened yet. Last month, employers added a still solid 178,000 jobs to their payrolls.

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