TRACKING THE ECONOMY
Aquil Muhammad, ECON 202
US UNEMPLOYMENT RATE
The US economy has been running exceptionally throughout the millennium. In 2003, that is when the recessions started. The US unemployment rate had slightly raised in two consecutive years, from 4.7% in 2001 to 5.8% in 2002 to 6% in 2003! George Bush was aware of the growing unemployment rate and was able to lower the deficit slowly to 5.5% in 2004, 5% in 2005, to 4.6% in 2006-07. In 2008, with the transferral of presidents caused unemployment to raise back up to 5.8%. In 2009, another recession began as the second consecutive declining year rose unemployment to a blistering 9.2% and to 9.6% in 2010, a US high. Using the John Keynes method, President Barack Obama was able to lower the US unemployment rate to 8.9% in 2011, 8% in 2012, 7.3% in 2013, 6.1% in 2014 and 5.2% in his final year. Throughout this 15 year stage beginning in 2000, US unemployment averaged 6.4%, 1.4% higher than the national average of 5%.