Unemployment rate drops to lowest point in more than 9 years

Updated
The penultimate jobs report of the Obama era offered a timely reminder that the nation’s Democratic president is handing off a healthy economy to his Republican successor.

The Bureau of Labor Statistics reported this morning that the U.S. economy added 178,000 jobs in November. The unemployment rate, meanwhile, continues to improve, dropping from 4.9% to 4.6%. It’s the 14th consecutive month the rate has been at 5% or lower – and the lowest jobless rate Americans have seen since August 2007.

As for the revisions: September’s job totals were revised up, from 191,000 to 208,000, while October’s were revised down, from 161,000 to 142,000. Combined, that’s a net loss of 2,000.

Over the last 12 months, the overall economy has created 2.25 million new jobs, which is a pretty healthy number. And with one month remaining in 2016, the U.S. remains on track to create over 2 million new jobs this calendar year. What’s more, November was the 74th consecutive month of positive job growth, which is the longest on record.

Remember, as far as Republicans are concerned, results like these were completely impossible. For the right, the combination of the Affordable Care Act, higher taxes, and assorted regulations would stifle job growth and push the economy into a recession, but the exact opposite happened. Nevertheless, Donald Trump and GOP lawmakers believe they’ll “get the economy moving” by undoing the policies that pushed the unemployment rate to a nine-year low. Now that Republicans are poised to take complete control over federal policymaking, we’ll see how that works out.

Above you’ll find the chart I run every month, showing monthly job losses since the start of the Great Recession. The image makes a distinction – red columns point to monthly job totals under the Bush administration, while blue columns point to job totals under the Obama administration.

Update: Here’s another chart, this one showing monthly job losses/gains in just the private sector since the start of the Great Recession.



Second Update
: One more, this time showing the unemployment rate in the Obama era:




Rachel Maddow Show Charts

Unemployment rate drops to lowest point in more than 9 years

Updated