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May 3, 2024, 2:39 am
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1. Job gains (and losses)
The United States experienced some of its best years of job gains in 2014 and 2015 in Obama’s second term when the economy added more than 225,000 jobs a month. Employment continued to be strong under Trump — until the pandemic hit.
Average monthly job gains under Trump peaked at 193,000 in 2018. Economists call this very robust, especially given the recovery was nearly a decade old by then. But the devastation from the pandemic wiped out a decade’s worth of jobs gains in the spring. By August, 48 percent of the jobs had returned.
Trump says he had the “greatest economy in history” during the GOP convention, a claim fact-checkers quickly marked as false. A look at economic growth shows why.
The economy grew just shy of 1 percent in Obama’s first term when the Great Recession took its toll. Growth improved to 2.3 percent in Obama’s second term. Under Trump, the economy was on track to average slightly above zero in his first term because of the sharp losses from the pandemic.
Excluding 2020, growth in Trump’s initial three years in office was 2.5 percent — barely above Obama and well below the growth under the Clinton, Reagan and Johnson administrations.
The U.S. unemployment rate hit a half-century low of 3.5 percent in late 2019 and stayed around that level through February 2020. Trump frequently touted the job news, though he often left out that the unemployment rate was a fairly low when he took office (4.7 percent) and had been steadily declining since 2011.
Washington Post.
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