Animated Chart of the Week: The Unemployment Rate Falls to Lowest Rate in 6 Years
When President Obama took office in 2009, the American economy was shedding 800,000 jobs a month. That year, the unemployment rate would ultimately reach 10%, leaving millions of middle-class families struggling to find solid ground. There’s more work to do, but thanks to the grit and resilience of American workers and businesses -- and the President’s policies -- over the last six years, families are standing on a new, stronger economic foundation.
In the last 55 months, American business have added 10.3 million new jobs across America -- the longest, uninterrupted stretch of private-sector job growth on record. We've put more people back to work than Japan, Europe, and every other advanced economy combined. The number of available job openings has surged to a 13-year high. The unemployment rate is falling at a faster pace than predicted.
Check out the chart below to see where the unemployment rate is this year and how it's beating expectations:
As the President has said, the economy is stronger today than it was in 2009 by almost every economic measure. However, it is also true that millions of Americans don’t yet feel enough of the benefits of this growing economy in their own lives. "It’s still harder than it should be to pay the bills and to put away some money. Even when you’re working your tail off, it’s harder than it should be to get ahead," he said.
To meet that challenge, the President is taking action where he can and calling on Congress to enact policies that will further strengthen our economy, including investing in areas like infrastructure, education, and manufacturing, and raising the minimum wage.
President Obama will continue to take action on behalf of hardworking middle class families. Because when the middle class succeeds, America does too.