Throughout the first three years of Donald Trump’s presidency, the economic system did fairly effectively. The unemployment fee hit a 50-year low, earnings progress doubled, and the financial growth he inherited grew into the longest in American historical past.
However that every one got here to a shrieking halt when COVID-19 hit.
In a two-month interval, February to April 2020, the unemployment rate soared to an 80-year high and the variety of employed Individuals fell from 152.5 million to 130.3 million. These 22.2 million job losses set U.S. employment again to 1999 ranges.
Since, the economy has moved from contraction to expansion and seen 12.3 million jobs return. Nonetheless, it hasn’t been sufficient to offset the job losses that occurred through the pandemic.
That signifies that Trump will grow to be the primary put up–World Warfare II president to see employment fall throughout his presidency. It final occurred when Herbert Hoover left workplace in 1933 amid the early years of the Nice Melancholy.
When Trump took workplace in Jan. 2017, U.S. employment was at 145.6 million. On Friday, the U.S. Bureau of Labor Statistics launched its ultimate jobs report earlier than the Jan. 20 inauguration of President-elect Joe Biden. It exhibits in December there have been 142.6 million employed Individuals, down 3 million from Trump’s personal inauguration.
For comparability functions, Fortune annualized the job achieve charges beneath all of the previous leaders since Reagan. Throughout Obama’s eight years on the helm of the nation, U.S. employment maintained a 1% annualized return. That progress stage did begin to climb through the Trump years; as of February 2020 employment was growing on a 1.5% annualized foundation throughout his presidency. But within the ultimate tally Trump will go away workplace having overseen a -0.5% annualized job progress fee.
Merely put: The historic jobs growth that candidate Trump promised on the marketing campaign path in 2016 was one more sufferer of COVID.
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