While President-elect Donald Trump has been bragging about a deal that sent 1,300 jobs to Mexico, President Obama has been finishing his term by overseeing the creation of 178,000 jobs in November, bringing the unemployment rate down to its lowest level in nearly a decade.
The November jobs report showcases President Obama’s successful stewardship of the economy, which added 178,000 jobs, while the unemployment rate fell to 4.6 percent, its lowest level since August of 2007.
As NPR notes, “4.6 percent unemployment is what most economists consider ‘full employment’ (although employment varies by region and demographic, so the fruits of full employment aren’t shared by all).”
NPR also points out that the “drop in unemployment was driven by adult men, while the rates for women and teenagers didn’t show much or any change.”
While wages for the month were down a few pennies, they are still up by 2.5 percent over last year. And November’s report marks the 81st consecutive month of private sector job growth, which was already a record two years ago.
As his time in office nears its end, President Obama’s record joins Clinton’s in the historically superior economic performances under Democratic administrations.
Trump will inherit the best unemployment rate as an incoming president since the last Republican to take over for a two-term Democrat: Bill Clinton presided over a 3.9 percent unemployment rate the month George W. Bush was elected.
Unfortunately, both Trump’s proposed economic policies, and his cabinet choices, do not indicate that he is likely to maintain his predecessor’s solid record any better than the last GOP administration.