Job creation under President Donald Trump is significantly lagging behind job growth under former President Obama, according to an analysis by Forbes.
Trump has been president for roughly 29 months. Since February 2017, the economy has added 5.163 million jobs, or about 194,000 per month, which some of that growth being helped by a massive tax cut that blew a huge hole in the deficit.
During President Obama’s last 29 months in office, the economy added about 6.423 million jobs, or about 221,000 per month.
During those two time periods, job growth under Obama outpaced job growth under Trump by 27,000 per month, adding up to 810,000 more jobs in Obama’s last 29 months than Trump’s first 29 months.
“Looking at the next six months with Obama’s job numbers of 188,000 to 327,000 per month, the gap should only increase and cross 1 million,” wrote Forbes’ Chuck Jones.
Job growth has slowed down even more this year:
The gap between Obama’s job creation and Trump’s has only gotten larger over the last five months. In January, the difference was just 194,000 jobs but over the last five months, the gap has grown by 616,000 jobs.
Over the past 12 months, the economy averaged about 192,000 new jobs but looking at just the last three months, that has fallen to 171,000 new jobs per month.
Financial experts predict recession:
The economy is far from the “greatest ever” as Trump likes to boast. Recent numbers from the U.S. Bureau of Economic Analysis show that the “real” economy is growing at just 1%, compared to the 3.1% GDP growth rate.
Manufacturing has fallen to the lowest level since the Great Recession and farms are going bankrupt at record rates.
A recent Duke University survey found that nearly 70% of corporate chief financial officers expect a recession before the end of 2020.
“Nearly half (48.1 percent) of U.S. CFOs believe that the U.S. will be in recession by the second quarter of 2020, and 69 percent believe that a recession will have begun by the end of next year,” the study said. “The results are consistent with last quarter’s survey in which 67 percent of CFOs predicted recession by the third quarter of 2020.”
