Jobs: Gained and Lost Under Obama

Really interesting Bloomberg article looking at “How the Uneven Obama Recovery Paved the Way for Trump.”

This uneven recovery has been a pretty regular theme of mine for a few years now:

“For many people, the rebound from the 2008-2009 credit crisis has been mediocre or nonexistent. These folks are not delusional — their personal situations are bad. There are still too many people either unemployed or underemployed, and many workers haven’t had pay increases that keep up with even the country’s minimal inflation. Meanwhile, two of the biggest costs of living — housing and health care — have far outpaced wage gains.

When we look at how key factors affect the state of your personal recovery — three stand out: industry, education and geography. It is clear that some people have been enjoying a very robust recovery, while others have not. The major coastal cities, the industrial heartland and (up until the price of oil collapsed a year ago), the energy producing regions, have been booming.”

That goes a long way to explain this chart:

 

Change in total employment from June 2009 to June 2016

click for ginormous graphic

Source: Bloomberg

 

 

Previously:

Take a Moment to Appreciate the Recovery
Barry Ritholtz
Bloomberg View, Nov  23, 2015

Why So Many Hate This Recovery
Barry Ritholtz
Bloomberg View, Nov 16, 2015

Recovery’s Great If You Were Already Rich (or Even Modestly Well Off)
Barry Ritholtz
Bloomberg View, NOV 12, 2013

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