Following today's weaker than expected employment report for the month of August, we updated our charts of net job creation under President Obama, both overall and in the private sector. In Obama's first fourteen months in office, the US economy lost a total of 5.135 million jobs. It wasn't until his 15th month in office that the US economy saw its first month of job creation. Since then the US economy has regained 4.056 mln of the jobs it lost. On a net basis, the US economy has seen a decline of 1.079 million jobs under President Obama.
Looking just at the private sector shows a similar trend. During his first fourteen months in office, the private sector shed 5.051 million jobs. Since then the private sector has seen thirty consecutive months of job gains, adding 4.627 million new jobs. All in all, the private sector has shed 424K jobs since President Obama took office. Ironically, while Obama has increased the size of the Federal government since he came into office, the majority of job losses under his watch have come from the government sector.
Become a Bespoke Premium subscriber today to access the "Bespoke 50" -- Bespoke's 50 favorite growth stocks, beating the market by 400 bps since inception in March.