Barack Obama set plenty of economic records under his administration.He set the record for the slowest economic recovery since WWII.He set the record for being the only president to never see a single year of 3% economic growth.He brought the national debt to record highs, doubling it from $9.99 trillion at the end of the fiscal year in 2008 to 19.95 trillion by the end of FY 2016.
The labor force participation rate hit record setting lows during Obama’s administration as people simply gave up looking for work. While employment increased 9.9 million under Obama’s administration, 14.6 million left the labor force.
Hey – I never said these were GOOD economic records.
If you’ve been paying attention to the markets, it’s clear that economic sentiment is finally positive once again. The stock market has been on a tear as of late. In fact, since Trump won the election, the market has been the most peaceful in history. The S&P500 set a record in going 54 days without a 1% move (up or down), while the previous record of 34 days straight was set in 1995.
And since taking office, every single job report has shown more private sector employment than expected. In fact, Trump has already set an economic record (and not the kind Obama is known for).
The private sector added 777,000 jobs in the first quarter of Donald Trump’s presidency, more than any 3 month period of Barack Obama’s entire 8 year presidency, according to the just released ADP jobs report for March. Businesses added 263,000 jobs in March, the highest growth level in 3 years. The gains beat economists’ expectations by 30%. It’s the third straight month of strong hiring. The data also shows an emerging trend away from services-oriented positions and toward goods-producing firms, though services still lead America’s labor market. The ADP report is the first of 2 major job reports due out this week, with the Labor Department’s numbers (which include government jobs) set to be released Friday.
