There has been a fair amount of rhetoric about the job growth and lower unemployment rate seen since President Trump took office. Candidate Trump touted that there would be 25 million jobs created over 10 years if he was elected. In January 2017, I wrote that this was a fairly easy campaign promise when you analyze the data and realize that it will only take 2% annual growth of the workforce to hit this target.
This is a review of Trump’s Economic Scorecard before the midterm elections.
President Trump started with a distinct advantage with a workforce of 145.7 million, 9% larger than when President Obama took office. If the workforce were to only grow by 2%, that would add just over 2.9 million jobs a year or 243,000 per month. Over the course of 10 years, there would be over 29 million jobs added.
Additionally, over President Obama’s last six and five years in office after the economy had recovered from the Great Recession, the average employment gains were 2.42 and 2.48 million jobs per year. Pretty much on track to add 25 million over 10 years. So it appears that Trump can reach his 25 million job growth goal even if the economy continued to grow at the pace under Obama.