2017 – Economic Report of the President together with the Annual Report of the Council of Economic Advisers

Source: Executive Office of the President and Council of Economic Advisers, January 2017

As the 2017 Economic Report of the President goes to press, the United States is eight years removed from the onset of the worst economic crisis since the Great Depression. Over the two terms of the Obama Administration, the U.S. economy has made a remarkable recovery from the Great Recession. After peaking at 10.0 percent in October 2009, the unemployment rate has been cut by more than half to 4.6 percent as of November 2016, below its pre-recession average. Real gross domestic product (GDP) per capita recovered fully to its pre-crisis peak in the fourth quarter of 2013, faster than what would have been expected after such a severe financial crisis based on historical precedents. As of the third quarter of 2016, the U.S. economy was 11.5 percent larger than at its peak before the crisis. As of November 2016, the economy has added 14.8 million jobs over 74 months, the longest streak of total job growth on record. Since private-sector job growth turned positive in March 2010, U.S. businesses have added 15.6 million jobs. Real wage growth has been faster in the current business cycle than in any since the early 1970s. Meanwhile, from 2014 to 2015, median real household income grew by 5.2 percent, the fastest annual growth on record, and the United States saw its largest one-year drop in the poverty rate since the 1960s…