In the first three years of Donald Trump’s presidency, the economy did quite well. The unemployment rate hit a 50-year low, income growth doubled, and the economic expansion he inherited became the longest in American history.
But it all came to a screeching halt when COVID-19 hit.
In a period of two months from February to April 2020 The unemployment rate rose to an 80-year high and the number of Americans employed fell from 152.5 million to 130.3 million. These 22.2 million job losses have brought US employment back to 1999 levels.
Since, The economy has moved from contraction to expansion and 12.3 million jobs are returning. However, it has not been enough to offset the job losses that occurred during the pandemic.
That means Trump will be the first post-World War II president whose employment will decline during his presidency. It last happened when Herbert Hoover resigned from office in the early years of the Great Depression in 1933.
When Trump took office in January 2017, the U.S. employed 145.6 million people. On Friday, the US Labor Statistics Bureau released its final job report ahead of President-elect Joe Biden’s inauguration on January 20. It shows that 142.6 million Americans were employed as of December, 3 million fewer than Trump himself revealed.
For comparison purposes capital annualized job win rates among all previous executives since Reagan. Headed the nation for eight years US employment maintained an annualized return of 1%. This level of growth began to rise during the Trump years; As of February 2020, employment rose 1.5% on an annual basis during his presidency. On the closing balance, however, Trump will be stepping down after hitting a -0.5% annual growth rate for jobs.
Put simply, the historic employment boom that candidate Trump promised on the campaign in 2016 was another victim of COVID.
More needs to be read Financial coverage of capital::
- It’s officially a blue wave. What that means historically for stocks
- Democrats plan to take advantage of the Senate victory Passing $ 2,000 stimulus checks
- This calculator shows the “grim math” of How much does it cost you to leave the workforce during COVID?
- The fundamental error in capital-weighted index funds
- 2 U-turn in 2 days: Why the NYSE finally made the decision 3 Chinese companies delist