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Jobs data likely confirm Trump will inherit solid economy

7 months 3 weeks 4 days ago Friday, December 02 2016 Dec 2, 2016 December 02, 2016 7:09 AM December 02, 2016 in News
Source: WBRZ

WASHINGTON - If forecasts are correct, the economy will be in pretty good shape when President-elect Donald Trump takes over in January.

Data provider FactSet reports economists have forecast that employers added a solid 174,000 jobs last month and that the unemployment rate remained a low 4.9 percent. Those figures are far healthier than those President Barack Obama encountered after his election eight years ago

In late 2008, the unemployment rate was on its way to a 10 percent peak in October 2009, and employers would go on to eliminate 8.7 million jobs before the bleeding stopped in early 2010. Since then, the economy has added 15 million jobs and enjoyed its fourth-longest expansion ever.

Yet while the nationwide data looks robust, under the surface remain many of the long-term challenges that bedeviled Obama and that likely led millions of Americans to vote for Trump rather than Hillary Clinton.

Fewer than 60 percent of adults have jobs - 3 percentage points lower than when the Great Recession began in late 2007. In part, that trend reflects retirements by the nation's many baby boomers. But it also means hiring hasn't kept up with population growth.

Pay gains remain sluggish, though they have picked up in the past year.

Yet seven years into the recovery, pay growth is still below healthy levels.

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