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Money U.S. Unemployment Rate by President
The U.S. unemployment rate can be an indicator of how effective a president’s policies have been, as well as giving an insight into the nation’s economic situation. Decisions made by presidents can impact things like the government’s budget, national debt, legislation, and the unemployment rate.
Looking at data from Truman to Biden, this analysis delves into the average unemployment rate during each president’s tenure, and how different policies have impacted unemployment since 1948.
Key statistics
- The unemployment rate during Joe Biden’s presidency has changed from 6.4% to 4.1%, a decrease of 35.9% as of September 2024.
- During Donald Trump’s presidency, unemployment went up from 4.7% to 6.4%, an increase of 36.2% during his four years in office.
- Dwight D. Eisenhower’s presidency saw the largest increase in unemployment at 127.6%, changing from 2.9% when he took office to 6.6% when he left, although the average unemployment rate during Eisenhower’s administration was 4.9%.
- The biggest decrease in the unemployment rate happened during Bill Clinton’s two presidential terms, going from 7.3% to 4.2% (a 42.5% decrease).
- Gerald Ford’s presidency saw the highest average unemployment rate at 7.8% during his 2-and-a-half-year tenure from 1974-1977.
- Joe Biden, Lyndon B. Johnson, and Harry S. Truman tie for the lowest average unemployment rate, with averages of 4.2% during all three of their tenures.
- The highest unemployment rate on record was 14.8% during Donald Trump’s presidency and at the start of the COVID-19 pandemic in April 2020.
What is the unemployment rate?
The U.S. unemployment rate refers to the number of unemployed people expressed as a percentage of the total labor force. The labor force is made up of people aged 16 years and older, residing in one of the 50 states (or Washington DC), who are not on active duty in the Armed Forces and are not living in prison, mental facilities, or other institutions. [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE [2] BLS, “Concepts and Definitions (CPS)” https://www.bls.gov/cps/definitions.htm
Unemployment rates are calculated using the following formula:
(Unemployed/labor force) x 100
The current U.S. unemployment rate
The U.S. unemployment rate as of September 2024 is 4.1%. That’s down compared to 4.2% in August, but up compared to 3.8% in September 2023. [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
U.S. unemployment rate over time
The data below shows the U.S. unemployment rate over time from January 1948, when unemployment records began, to September 2024.
| Date | Unemployment rate |
|---|---|
| 1948-01-01 | 3.4 |
| 1948-02-01 | 3.8 |
| 1948-03-01 | 4 |
| 1948-04-01 | 3.9 |
| 1948-05-01 | 3.5 |
| 1948-06-01 | 3.6 |
| 1948-07-01 | 3.6 |
| 1948-08-01 | 3.9 |
| 1948-09-01 | 3.8 |
| 1948-10-01 | 3.7 |
| 1948-11-01 | 3.8 |
| 1948-12-01 | 4 |
| 1949-01-01 | 4.3 |
| 1949-02-01 | 4.7 |
| 1949-03-01 | 5 |
| 1949-04-01 | 5.3 |
| 1949-05-01 | 6.1 |
| 1949-06-01 | 6.2 |
| 1949-07-01 | 6.7 |
| 1949-08-01 | 6.8 |
| 1949-09-01 | 6.6 |
| 1949-10-01 | 7.9 |
| 1949-11-01 | 6.4 |
| 1949-12-01 | 6.6 |
| 1950-01-01 | 6.5 |
| 1950-02-01 | 6.4 |
| 1950-03-01 | 6.3 |
| 1950-04-01 | 5.8 |
| 1950-05-01 | 5.5 |
| 1950-06-01 | 5.4 |
| 1950-07-01 | 5 |
| 1950-08-01 | 4.5 |
| 1950-09-01 | 4.4 |
| 1950-10-01 | 4.2 |
| 1950-11-01 | 4.2 |
| 1950-12-01 | 4.3 |
| 1951-01-01 | 3.7 |
| 1951-02-01 | 3.4 |
| 1951-03-01 | 3.4 |
| 1951-04-01 | 3.1 |
| 1951-05-01 | 3 |
| 1951-06-01 | 3.2 |
| 1951-07-01 | 3.1 |
| 1951-08-01 | 3.1 |
| 1951-09-01 | 3.3 |
| 1951-10-01 | 3.5 |
| 1951-11-01 | 3.5 |
| 1951-12-01 | 3.1 |
| 1952-01-01 | 3.2 |
| 1952-02-01 | 3.1 |
| 1952-03-01 | 2.9 |
| 1952-04-01 | 2.9 |
| 1952-05-01 | 3 |
| 1952-06-01 | 3 |
| 1952-07-01 | 3.2 |
| 1952-08-01 | 3.4 |
| 1952-09-01 | 3.1 |
| 1952-10-01 | 3 |
| 1952-11-01 | 2.8 |
| 1952-12-01 | 2.7 |
| 1953-01-01 | 2.9 |
| 1953-02-01 | 2.6 |
| 1953-03-01 | 2.6 |
| 1953-04-01 | 2.7 |
| 1953-05-01 | 2.5 |
| 1953-06-01 | 2.5 |
| 1953-07-01 | 2.6 |
| 1953-08-01 | 2.7 |
| 1953-09-01 | 2.9 |
| 1953-10-01 | 3.1 |
| 1953-11-01 | 3.5 |
| 1953-12-01 | 4.5 |
| 1954-01-01 | 4.9 |
| 1954-02-01 | 5.2 |
| 1954-03-01 | 5.7 |
| 1954-04-01 | 5.9 |
| 1954-05-01 | 5.9 |
| 1954-06-01 | 5.6 |
| 1954-07-01 | 5.8 |
| 1954-08-01 | 6 |
| 1954-09-01 | 6.1 |
| 1954-10-01 | 5.7 |
| 1954-11-01 | 5.3 |
| 1954-12-01 | 5 |
| 1955-01-01 | 4.9 |
| 1955-02-01 | 4.7 |
| 1955-03-01 | 4.6 |
| 1955-04-01 | 4.7 |
| 1955-05-01 | 4.3 |
| 1955-06-01 | 4.2 |
| 1955-07-01 | 4 |
| 1955-08-01 | 4.2 |
| 1955-09-01 | 4.1 |
| 1955-10-01 | 4.3 |
| 1955-11-01 | 4.2 |
| 1955-12-01 | 4.2 |
| 1956-01-01 | 4 |
| 1956-02-01 | 3.9 |
| 1956-03-01 | 4.2 |
| 1956-04-01 | 4 |
| 1956-05-01 | 4.3 |
| 1956-06-01 | 4.3 |
| 1956-07-01 | 4.4 |
| 1956-08-01 | 4.1 |
| 1956-09-01 | 3.9 |
| 1956-10-01 | 3.9 |
| 1956-11-01 | 4.3 |
| 1956-12-01 | 4.2 |
| 1957-01-01 | 4.2 |
| 1957-02-01 | 3.9 |
| 1957-03-01 | 3.7 |
| 1957-04-01 | 3.9 |
| 1957-05-01 | 4.1 |
| 1957-06-01 | 4.3 |
| 1957-07-01 | 4.2 |
| 1957-08-01 | 4.1 |
| 1957-09-01 | 4.4 |
| 1957-10-01 | 4.5 |
| 1957-11-01 | 5.1 |
| 1957-12-01 | 5.2 |
| 1958-01-01 | 5.8 |
| 1958-02-01 | 6.4 |
| 1958-03-01 | 6.7 |
| 1958-04-01 | 7.4 |
| 1958-05-01 | 7.4 |
| 1958-06-01 | 7.3 |
| 1958-07-01 | 7.5 |
| 1958-08-01 | 7.4 |
| 1958-09-01 | 7.1 |
| 1958-10-01 | 6.7 |
| 1958-11-01 | 6.2 |
| 1958-12-01 | 6.2 |
| 1959-01-01 | 6 |
| 1959-02-01 | 5.9 |
| 1959-03-01 | 5.6 |
| 1959-04-01 | 5.2 |
| 1959-05-01 | 5.1 |
| 1959-06-01 | 5 |
| 1959-07-01 | 5.1 |
| 1959-08-01 | 5.2 |
| 1959-09-01 | 5.5 |
| 1959-10-01 | 5.7 |
| 1959-11-01 | 5.8 |
| 1959-12-01 | 5.3 |
| 1960-01-01 | 5.2 |
| 1960-02-01 | 4.8 |
| 1960-03-01 | 5.4 |
| 1960-04-01 | 5.2 |
| 1960-05-01 | 5.1 |
| 1960-06-01 | 5.4 |
| 1960-07-01 | 5.5 |
| 1960-08-01 | 5.6 |
| 1960-09-01 | 5.5 |
| 1960-10-01 | 6.1 |
| 1960-11-01 | 6.1 |
| 1960-12-01 | 6.6 |
| 1961-01-01 | 6.6 |
| 1961-02-01 | 6.9 |
| 1961-03-01 | 6.9 |
| 1961-04-01 | 7 |
| 1961-05-01 | 7.1 |
| 1961-06-01 | 6.9 |
| 1961-07-01 | 7 |
| 1961-08-01 | 6.6 |
| 1961-09-01 | 6.7 |
| 1961-10-01 | 6.5 |
| 1961-11-01 | 6.1 |
| 1961-12-01 | 6 |
| 1962-01-01 | 5.8 |
| 1962-02-01 | 5.5 |
| 1962-03-01 | 5.6 |
| 1962-04-01 | 5.6 |
| 1962-05-01 | 5.5 |
| 1962-06-01 | 5.5 |
| 1962-07-01 | 5.4 |
| 1962-08-01 | 5.7 |
| 1962-09-01 | 5.6 |
| 1962-10-01 | 5.4 |
| 1962-11-01 | 5.7 |
| 1962-12-01 | 5.5 |
| 1963-01-01 | 5.7 |
| 1963-02-01 | 5.9 |
| 1963-03-01 | 5.7 |
| 1963-04-01 | 5.7 |
| 1963-05-01 | 5.9 |
| 1963-06-01 | 5.6 |
| 1963-07-01 | 5.6 |
| 1963-08-01 | 5.4 |
| 1963-09-01 | 5.5 |
| 1963-10-01 | 5.5 |
| 1963-11-01 | 5.7 |
| 1963-12-01 | 5.5 |
| 1964-01-01 | 5.6 |
| 1964-02-01 | 5.4 |
| 1964-03-01 | 5.4 |
| 1964-04-01 | 5.3 |
| 1964-05-01 | 5.1 |
| 1964-06-01 | 5.2 |
| 1964-07-01 | 4.9 |
| 1964-08-01 | 5 |
| 1964-09-01 | 5.1 |
| 1964-10-01 | 5.1 |
| 1964-11-01 | 4.8 |
| 1964-12-01 | 5 |
| 1965-01-01 | 4.9 |
| 1965-02-01 | 5.1 |
| 1965-03-01 | 4.7 |
| 1965-04-01 | 4.8 |
| 1965-05-01 | 4.6 |
| 1965-06-01 | 4.6 |
| 1965-07-01 | 4.4 |
| 1965-08-01 | 4.4 |
| 1965-09-01 | 4.3 |
| 1965-10-01 | 4.2 |
| 1965-11-01 | 4.1 |
| 1965-12-01 | 4 |
| 1966-01-01 | 4 |
| 1966-02-01 | 3.8 |
| 1966-03-01 | 3.8 |
| 1966-04-01 | 3.8 |
| 1966-05-01 | 3.9 |
| 1966-06-01 | 3.8 |
| 1966-07-01 | 3.8 |
| 1966-08-01 | 3.8 |
| 1966-09-01 | 3.7 |
| 1966-10-01 | 3.7 |
| 1966-11-01 | 3.6 |
| 1966-12-01 | 3.8 |
| 1967-01-01 | 3.9 |
| 1967-02-01 | 3.8 |
| 1967-03-01 | 3.8 |
| 1967-04-01 | 3.8 |
| 1967-05-01 | 3.8 |
| 1967-06-01 | 3.9 |
| 1967-07-01 | 3.8 |
| 1967-08-01 | 3.8 |
| 1967-09-01 | 3.8 |
| 1967-10-01 | 4 |
| 1967-11-01 | 3.9 |
| 1967-12-01 | 3.8 |
| 1968-01-01 | 3.7 |
| 1968-02-01 | 3.8 |
| 1968-03-01 | 3.7 |
| 1968-04-01 | 3.5 |
| 1968-05-01 | 3.5 |
| 1968-06-01 | 3.7 |
| 1968-07-01 | 3.7 |
| 1968-08-01 | 3.5 |
| 1968-09-01 | 3.4 |
| 1968-10-01 | 3.4 |
| 1968-11-01 | 3.4 |
| 1968-12-01 | 3.4 |
| 1969-01-01 | 3.4 |
| 1969-02-01 | 3.4 |
| 1969-03-01 | 3.4 |
| 1969-04-01 | 3.4 |
| 1969-05-01 | 3.4 |
| 1969-06-01 | 3.5 |
| 1969-07-01 | 3.5 |
| 1969-08-01 | 3.5 |
| 1969-09-01 | 3.7 |
| 1969-10-01 | 3.7 |
| 1969-11-01 | 3.5 |
| 1969-12-01 | 3.5 |
| 1970-01-01 | 3.9 |
| 1970-02-01 | 4.2 |
| 1970-03-01 | 4.4 |
| 1970-04-01 | 4.6 |
| 1970-05-01 | 4.8 |
| 1970-06-01 | 4.9 |
| 1970-07-01 | 5 |
| 1970-08-01 | 5.1 |
| 1970-09-01 | 5.4 |
| 1970-10-01 | 5.5 |
| 1970-11-01 | 5.9 |
| 1970-12-01 | 6.1 |
| 1971-01-01 | 5.9 |
| 1971-02-01 | 5.9 |
| 1971-03-01 | 6 |
| 1971-04-01 | 5.9 |
| 1971-05-01 | 5.9 |
| 1971-06-01 | 5.9 |
| 1971-07-01 | 6 |
| 1971-08-01 | 6.1 |
| 1971-09-01 | 6 |
| 1971-10-01 | 5.8 |
| 1971-11-01 | 6 |
| 1971-12-01 | 6 |
| 1972-01-01 | 5.8 |
| 1972-02-01 | 5.7 |
| 1972-03-01 | 5.8 |
| 1972-04-01 | 5.7 |
| 1972-05-01 | 5.7 |
| 1972-06-01 | 5.7 |
| 1972-07-01 | 5.6 |
| 1972-08-01 | 5.6 |
| 1972-09-01 | 5.5 |
| 1972-10-01 | 5.6 |
| 1972-11-01 | 5.3 |
| 1972-12-01 | 5.2 |
| 1973-01-01 | 4.9 |
| 1973-02-01 | 5 |
| 1973-03-01 | 4.9 |
| 1973-04-01 | 5 |
| 1973-05-01 | 4.9 |
| 1973-06-01 | 4.9 |
| 1973-07-01 | 4.8 |
| 1973-08-01 | 4.8 |
| 1973-09-01 | 4.8 |
| 1973-10-01 | 4.6 |
| 1973-11-01 | 4.8 |
| 1973-12-01 | 4.9 |
| 1974-01-01 | 5.1 |
| 1974-02-01 | 5.2 |
| 1974-03-01 | 5.1 |
| 1974-04-01 | 5.1 |
| 1974-05-01 | 5.1 |
| 1974-06-01 | 5.4 |
| 1974-07-01 | 5.5 |
| 1974-08-01 | 5.5 |
| 1974-09-01 | 5.9 |
| 1974-10-01 | 6 |
| 1974-11-01 | 6.6 |
| 1974-12-01 | 7.2 |
| 1975-01-01 | 8.1 |
| 1975-02-01 | 8.1 |
| 1975-03-01 | 8.6 |
| 1975-04-01 | 8.8 |
| 1975-05-01 | 9 |
| 1975-06-01 | 8.8 |
| 1975-07-01 | 8.6 |
| 1975-08-01 | 8.4 |
| 1975-09-01 | 8.4 |
| 1975-10-01 | 8.4 |
| 1975-11-01 | 8.3 |
| 1975-12-01 | 8.2 |
| 1976-01-01 | 7.9 |
| 1976-02-01 | 7.7 |
| 1976-03-01 | 7.6 |
| 1976-04-01 | 7.7 |
| 1976-05-01 | 7.4 |
| 1976-06-01 | 7.6 |
| 1976-07-01 | 7.8 |
| 1976-08-01 | 7.8 |
| 1976-09-01 | 7.6 |
| 1976-10-01 | 7.7 |
| 1976-11-01 | 7.8 |
| 1976-12-01 | 7.8 |
| 1977-01-01 | 7.5 |
| 1977-02-01 | 7.6 |
| 1977-03-01 | 7.4 |
| 1977-04-01 | 7.2 |
| 1977-05-01 | 7 |
| 1977-06-01 | 7.2 |
| 1977-07-01 | 6.9 |
| 1977-08-01 | 7 |
| 1977-09-01 | 6.8 |
| 1977-10-01 | 6.8 |
| 1977-11-01 | 6.8 |
| 1977-12-01 | 6.4 |
| 1978-01-01 | 6.4 |
| 1978-02-01 | 6.3 |
| 1978-03-01 | 6.3 |
| 1978-04-01 | 6.1 |
| 1978-05-01 | 6 |
| 1978-06-01 | 5.9 |
| 1978-07-01 | 6.2 |
| 1978-08-01 | 5.9 |
| 1978-09-01 | 6 |
| 1978-10-01 | 5.8 |
| 1978-11-01 | 5.9 |
| 1978-12-01 | 6 |
| 1979-01-01 | 5.9 |
| 1979-02-01 | 5.9 |
| 1979-03-01 | 5.8 |
| 1979-04-01 | 5.8 |
| 1979-05-01 | 5.6 |
| 1979-06-01 | 5.7 |
| 1979-07-01 | 5.7 |
| 1979-08-01 | 6 |
| 1979-09-01 | 5.9 |
| 1979-10-01 | 6 |
| 1979-11-01 | 5.9 |
| 1979-12-01 | 6 |
| 1980-01-01 | 6.3 |
| 1980-02-01 | 6.3 |
| 1980-03-01 | 6.3 |
| 1980-04-01 | 6.9 |
| 1980-05-01 | 7.5 |
| 1980-06-01 | 7.6 |
| 1980-07-01 | 7.8 |
| 1980-08-01 | 7.7 |
| 1980-09-01 | 7.5 |
| 1980-10-01 | 7.5 |
| 1980-11-01 | 7.5 |
| 1980-12-01 | 7.2 |
| 1981-01-01 | 7.5 |
| 1981-02-01 | 7.4 |
| 1981-03-01 | 7.4 |
| 1981-04-01 | 7.2 |
| 1981-05-01 | 7.5 |
| 1981-06-01 | 7.5 |
| 1981-07-01 | 7.2 |
| 1981-08-01 | 7.4 |
| 1981-09-01 | 7.6 |
| 1981-10-01 | 7.9 |
| 1981-11-01 | 8.3 |
| 1981-12-01 | 8.5 |
| 1982-01-01 | 8.6 |
| 1982-02-01 | 8.9 |
| 1982-03-01 | 9 |
| 1982-04-01 | 9.3 |
| 1982-05-01 | 9.4 |
| 1982-06-01 | 9.6 |
| 1982-07-01 | 9.8 |
| 1982-08-01 | 9.8 |
| 1982-09-01 | 10.1 |
| 1982-10-01 | 10.4 |
| 1982-11-01 | 10.8 |
| 1982-12-01 | 10.8 |
| 1983-01-01 | 10.4 |
| 1983-02-01 | 10.4 |
| 1983-03-01 | 10.3 |
| 1983-04-01 | 10.2 |
| 1983-05-01 | 10.1 |
| 1983-06-01 | 10.1 |
| 1983-07-01 | 9.4 |
| 1983-08-01 | 9.5 |
| 1983-09-01 | 9.2 |
| 1983-10-01 | 8.8 |
| 1983-11-01 | 8.5 |
| 1983-12-01 | 8.3 |
| 1984-01-01 | 8 |
| 1984-02-01 | 7.8 |
| 1984-03-01 | 7.8 |
| 1984-04-01 | 7.7 |
| 1984-05-01 | 7.4 |
| 1984-06-01 | 7.2 |
| 1984-07-01 | 7.5 |
| 1984-08-01 | 7.5 |
| 1984-09-01 | 7.3 |
| 1984-10-01 | 7.4 |
| 1984-11-01 | 7.2 |
| 1984-12-01 | 7.3 |
| 1985-01-01 | 7.3 |
| 1985-02-01 | 7.2 |
| 1985-03-01 | 7.2 |
| 1985-04-01 | 7.3 |
| 1985-05-01 | 7.2 |
| 1985-06-01 | 7.4 |
| 1985-07-01 | 7.4 |
| 1985-08-01 | 7.1 |
| 1985-09-01 | 7.1 |
| 1985-10-01 | 7.1 |
| 1985-11-01 | 7 |
| 1985-12-01 | 7 |
| 1986-01-01 | 6.7 |
| 1986-02-01 | 7.2 |
| 1986-03-01 | 7.2 |
| 1986-04-01 | 7.1 |
| 1986-05-01 | 7.2 |
| 1986-06-01 | 7.2 |
| 1986-07-01 | 7 |
| 1986-08-01 | 6.9 |
| 1986-09-01 | 7 |
| 1986-10-01 | 7 |
| 1986-11-01 | 6.9 |
| 1986-12-01 | 6.6 |
| 1987-01-01 | 6.6 |
| 1987-02-01 | 6.6 |
| 1987-03-01 | 6.6 |
| 1987-04-01 | 6.3 |
| 1987-05-01 | 6.3 |
| 1987-06-01 | 6.2 |
| 1987-07-01 | 6.1 |
| 1987-08-01 | 6 |
| 1987-09-01 | 5.9 |
| 1987-10-01 | 6 |
| 1987-11-01 | 5.8 |
| 1987-12-01 | 5.7 |
| 1988-01-01 | 5.7 |
| 1988-02-01 | 5.7 |
| 1988-03-01 | 5.7 |
| 1988-04-01 | 5.4 |
| 1988-05-01 | 5.6 |
| 1988-06-01 | 5.4 |
| 1988-07-01 | 5.4 |
| 1988-08-01 | 5.6 |
| 1988-09-01 | 5.4 |
| 1988-10-01 | 5.4 |
| 1988-11-01 | 5.3 |
| 1988-12-01 | 5.3 |
| 1989-01-01 | 5.4 |
| 1989-02-01 | 5.2 |
| 1989-03-01 | 5 |
| 1989-04-01 | 5.2 |
| 1989-05-01 | 5.2 |
| 1989-06-01 | 5.3 |
| 1989-07-01 | 5.2 |
| 1989-08-01 | 5.2 |
| 1989-09-01 | 5.3 |
| 1989-10-01 | 5.3 |
| 1989-11-01 | 5.4 |
| 1989-12-01 | 5.4 |
| 1990-01-01 | 5.4 |
| 1990-02-01 | 5.3 |
| 1990-03-01 | 5.2 |
| 1990-04-01 | 5.4 |
| 1990-05-01 | 5.4 |
| 1990-06-01 | 5.2 |
| 1990-07-01 | 5.5 |
| 1990-08-01 | 5.7 |
| 1990-09-01 | 5.9 |
| 1990-10-01 | 5.9 |
| 1990-11-01 | 6.2 |
| 1990-12-01 | 6.3 |
| 1991-01-01 | 6.4 |
| 1991-02-01 | 6.6 |
| 1991-03-01 | 6.8 |
| 1991-04-01 | 6.7 |
| 1991-05-01 | 6.9 |
| 1991-06-01 | 6.9 |
| 1991-07-01 | 6.8 |
| 1991-08-01 | 6.9 |
| 1991-09-01 | 6.9 |
| 1991-10-01 | 7 |
| 1991-11-01 | 7 |
| 1991-12-01 | 7.3 |
| 1992-01-01 | 7.3 |
| 1992-02-01 | 7.4 |
| 1992-03-01 | 7.4 |
| 1992-04-01 | 7.4 |
| 1992-05-01 | 7.6 |
| 1992-06-01 | 7.8 |
| 1992-07-01 | 7.7 |
| 1992-08-01 | 7.6 |
| 1992-09-01 | 7.6 |
| 1992-10-01 | 7.3 |
| 1992-11-01 | 7.4 |
| 1992-12-01 | 7.4 |
| 1993-01-01 | 7.3 |
| 1993-02-01 | 7.1 |
| 1993-03-01 | 7 |
| 1993-04-01 | 7.1 |
| 1993-05-01 | 7.1 |
| 1993-06-01 | 7 |
| 1993-07-01 | 6.9 |
| 1993-08-01 | 6.8 |
| 1993-09-01 | 6.7 |
| 1993-10-01 | 6.8 |
| 1993-11-01 | 6.6 |
| 1993-12-01 | 6.5 |
| 1994-01-01 | 6.6 |
| 1994-02-01 | 6.6 |
| 1994-03-01 | 6.5 |
| 1994-04-01 | 6.4 |
| 1994-05-01 | 6.1 |
| 1994-06-01 | 6.1 |
| 1994-07-01 | 6.1 |
| 1994-08-01 | 6 |
| 1994-09-01 | 5.9 |
| 1994-10-01 | 5.8 |
| 1994-11-01 | 5.6 |
| 1994-12-01 | 5.5 |
| 1995-01-01 | 5.6 |
| 1995-02-01 | 5.4 |
| 1995-03-01 | 5.4 |
| 1995-04-01 | 5.8 |
| 1995-05-01 | 5.6 |
| 1995-06-01 | 5.6 |
| 1995-07-01 | 5.7 |
| 1995-08-01 | 5.7 |
| 1995-09-01 | 5.6 |
| 1995-10-01 | 5.5 |
| 1995-11-01 | 5.6 |
| 1995-12-01 | 5.6 |
| 1996-01-01 | 5.6 |
| 1996-02-01 | 5.5 |
| 1996-03-01 | 5.5 |
| 1996-04-01 | 5.6 |
| 1996-05-01 | 5.6 |
| 1996-06-01 | 5.3 |
| 1996-07-01 | 5.5 |
| 1996-08-01 | 5.1 |
| 1996-09-01 | 5.2 |
| 1996-10-01 | 5.2 |
| 1996-11-01 | 5.4 |
| 1996-12-01 | 5.4 |
| 1997-01-01 | 5.3 |
| 1997-02-01 | 5.2 |
| 1997-03-01 | 5.2 |
| 1997-04-01 | 5.1 |
| 1997-05-01 | 4.9 |
| 1997-06-01 | 5 |
| 1997-07-01 | 4.9 |
| 1997-08-01 | 4.8 |
| 1997-09-01 | 4.9 |
| 1997-10-01 | 4.7 |
| 1997-11-01 | 4.6 |
| 1997-12-01 | 4.7 |
| 1998-01-01 | 4.6 |
| 1998-02-01 | 4.6 |
| 1998-03-01 | 4.7 |
| 1998-04-01 | 4.3 |
| 1998-05-01 | 4.4 |
| 1998-06-01 | 4.5 |
| 1998-07-01 | 4.5 |
| 1998-08-01 | 4.5 |
| 1998-09-01 | 4.6 |
| 1998-10-01 | 4.5 |
| 1998-11-01 | 4.4 |
| 1998-12-01 | 4.4 |
| 1999-01-01 | 4.3 |
| 1999-02-01 | 4.4 |
| 1999-03-01 | 4.2 |
| 1999-04-01 | 4.3 |
| 1999-05-01 | 4.2 |
| 1999-06-01 | 4.3 |
| 1999-07-01 | 4.3 |
| 1999-08-01 | 4.2 |
| 1999-09-01 | 4.2 |
| 1999-10-01 | 4.1 |
| 1999-11-01 | 4.1 |
| 1999-12-01 | 4 |
| 2000-01-01 | 4 |
| 2000-02-01 | 4.1 |
| 2000-03-01 | 4 |
| 2000-04-01 | 3.8 |
| 2000-05-01 | 4 |
| 2000-06-01 | 4 |
| 2000-07-01 | 4 |
| 2000-08-01 | 4.1 |
| 2000-09-01 | 3.9 |
| 2000-10-01 | 3.9 |
| 2000-11-01 | 3.9 |
| 2000-12-01 | 3.9 |
| 2001-01-01 | 4.2 |
| 2001-02-01 | 4.2 |
| 2001-03-01 | 4.3 |
| 2001-04-01 | 4.4 |
| 2001-05-01 | 4.3 |
| 2001-06-01 | 4.5 |
| 2001-07-01 | 4.6 |
| 2001-08-01 | 4.9 |
| 2001-09-01 | 5 |
| 2001-10-01 | 5.3 |
| 2001-11-01 | 5.5 |
| 2001-12-01 | 5.7 |
| 2002-01-01 | 5.7 |
| 2002-02-01 | 5.7 |
| 2002-03-01 | 5.7 |
| 2002-04-01 | 5.9 |
| 2002-05-01 | 5.8 |
| 2002-06-01 | 5.8 |
| 2002-07-01 | 5.8 |
| 2002-08-01 | 5.7 |
| 2002-09-01 | 5.7 |
| 2002-10-01 | 5.7 |
| 2002-11-01 | 5.9 |
| 2002-12-01 | 6 |
| 2003-01-01 | 5.8 |
| 2003-02-01 | 5.9 |
| 2003-03-01 | 5.9 |
| 2003-04-01 | 6 |
| 2003-05-01 | 6.1 |
| 2003-06-01 | 6.3 |
| 2003-07-01 | 6.2 |
| 2003-08-01 | 6.1 |
| 2003-09-01 | 6.1 |
| 2003-10-01 | 6 |
| 2003-11-01 | 5.8 |
| 2003-12-01 | 5.7 |
| 2004-01-01 | 5.7 |
| 2004-02-01 | 5.6 |
| 2004-03-01 | 5.8 |
| 2004-04-01 | 5.6 |
| 2004-05-01 | 5.6 |
| 2004-06-01 | 5.6 |
| 2004-07-01 | 5.5 |
| 2004-08-01 | 5.4 |
| 2004-09-01 | 5.4 |
| 2004-10-01 | 5.5 |
| 2004-11-01 | 5.4 |
| 2004-12-01 | 5.4 |
| 2005-01-01 | 5.3 |
| 2005-02-01 | 5.4 |
| 2005-03-01 | 5.2 |
| 2005-04-01 | 5.2 |
| 2005-05-01 | 5.1 |
| 2005-06-01 | 5 |
| 2005-07-01 | 5 |
| 2005-08-01 | 4.9 |
| 2005-09-01 | 5 |
| 2005-10-01 | 5 |
| 2005-11-01 | 5 |
| 2005-12-01 | 4.9 |
| 2006-01-01 | 4.7 |
| 2006-02-01 | 4.8 |
| 2006-03-01 | 4.7 |
| 2006-04-01 | 4.7 |
| 2006-05-01 | 4.6 |
| 2006-06-01 | 4.6 |
| 2006-07-01 | 4.7 |
| 2006-08-01 | 4.7 |
| 2006-09-01 | 4.5 |
| 2006-10-01 | 4.4 |
| 2006-11-01 | 4.5 |
| 2006-12-01 | 4.4 |
| 2007-01-01 | 4.6 |
| 2007-02-01 | 4.5 |
| 2007-03-01 | 4.4 |
| 2007-04-01 | 4.5 |
| 2007-05-01 | 4.4 |
| 2007-06-01 | 4.6 |
| 2007-07-01 | 4.7 |
| 2007-08-01 | 4.6 |
| 2007-09-01 | 4.7 |
| 2007-10-01 | 4.7 |
| 2007-11-01 | 4.7 |
| 2007-12-01 | 5 |
| 2008-01-01 | 5 |
| 2008-02-01 | 4.9 |
| 2008-03-01 | 5.1 |
| 2008-04-01 | 5 |
| 2008-05-01 | 5.4 |
| 2008-06-01 | 5.6 |
| 2008-07-01 | 5.8 |
| 2008-08-01 | 6.1 |
| 2008-09-01 | 6.1 |
| 2008-10-01 | 6.5 |
| 2008-11-01 | 6.8 |
| 2008-12-01 | 7.3 |
| 2009-01-01 | 7.8 |
| 2009-02-01 | 8.3 |
| 2009-03-01 | 8.7 |
| 2009-04-01 | 9 |
| 2009-05-01 | 9.4 |
| 2009-06-01 | 9.5 |
| 2009-07-01 | 9.5 |
| 2009-08-01 | 9.6 |
| 2009-09-01 | 9.8 |
| 2009-10-01 | 10 |
| 2009-11-01 | 9.9 |
| 2009-12-01 | 9.9 |
| 2010-01-01 | 9.8 |
| 2010-02-01 | 9.8 |
| 2010-03-01 | 9.9 |
| 2010-04-01 | 9.9 |
| 2010-05-01 | 9.6 |
| 2010-06-01 | 9.4 |
| 2010-07-01 | 9.4 |
| 2010-08-01 | 9.5 |
| 2010-09-01 | 9.5 |
| 2010-10-01 | 9.4 |
| 2010-11-01 | 9.8 |
| 2010-12-01 | 9.3 |
| 2011-01-01 | 9.1 |
| 2011-02-01 | 9 |
| 2011-03-01 | 9 |
| 2011-04-01 | 9.1 |
| 2011-05-01 | 9 |
| 2011-06-01 | 9.1 |
| 2011-07-01 | 9 |
| 2011-08-01 | 9 |
| 2011-09-01 | 9 |
| 2011-10-01 | 8.8 |
| 2011-11-01 | 8.6 |
| 2011-12-01 | 8.5 |
| 2012-01-01 | 8.3 |
| 2012-02-01 | 8.3 |
| 2012-03-01 | 8.2 |
| 2012-04-01 | 8.2 |
| 2012-05-01 | 8.2 |
| 2012-06-01 | 8.2 |
| 2012-07-01 | 8.2 |
| 2012-08-01 | 8.1 |
| 2012-09-01 | 7.8 |
| 2012-10-01 | 7.8 |
| 2012-11-01 | 7.7 |
| 2012-12-01 | 7.9 |
| 2013-01-01 | 8 |
| 2013-02-01 | 7.7 |
| 2013-03-01 | 7.5 |
| 2013-04-01 | 7.6 |
| 2013-05-01 | 7.5 |
| 2013-06-01 | 7.5 |
| 2013-07-01 | 7.3 |
| 2013-08-01 | 7.2 |
| 2013-09-01 | 7.2 |
| 2013-10-01 | 7.2 |
| 2013-11-01 | 6.9 |
| 2013-12-01 | 6.7 |
| 2014-01-01 | 6.6 |
| 2014-02-01 | 6.7 |
| 2014-03-01 | 6.7 |
| 2014-04-01 | 6.2 |
| 2014-05-01 | 6.3 |
| 2014-06-01 | 6.1 |
| 2014-07-01 | 6.2 |
| 2014-08-01 | 6.1 |
| 2014-09-01 | 5.9 |
| 2014-10-01 | 5.7 |
| 2014-11-01 | 5.8 |
| 2014-12-01 | 5.6 |
| 2015-01-01 | 5.7 |
| 2015-02-01 | 5.5 |
| 2015-03-01 | 5.4 |
| 2015-04-01 | 5.4 |
| 2015-05-01 | 5.6 |
| 2015-06-01 | 5.3 |
| 2015-07-01 | 5.2 |
| 2015-08-01 | 5.1 |
| 2015-09-01 | 5 |
| 2015-10-01 | 5 |
| 2015-11-01 | 5.1 |
| 2015-12-01 | 5 |
| 2016-01-01 | 4.8 |
| 2016-02-01 | 4.9 |
| 2016-03-01 | 5 |
| 2016-04-01 | 5.1 |
| 2016-05-01 | 4.8 |
| 2016-06-01 | 4.9 |
| 2016-07-01 | 4.8 |
| 2016-08-01 | 4.9 |
| 2016-09-01 | 5 |
| 2016-10-01 | 4.9 |
| 2016-11-01 | 4.7 |
| 2016-12-01 | 4.7 |
| 2017-01-01 | 4.7 |
| 2017-02-01 | 4.6 |
| 2017-03-01 | 4.4 |
| 2017-04-01 | 4.4 |
| 2017-05-01 | 4.4 |
| 2017-06-01 | 4.3 |
| 2017-07-01 | 4.3 |
| 2017-08-01 | 4.4 |
| 2017-09-01 | 4.3 |
| 2017-10-01 | 4.2 |
| 2017-11-01 | 4.2 |
| 2017-12-01 | 4.1 |
| 2018-01-01 | 4 |
| 2018-02-01 | 4.1 |
| 2018-03-01 | 4 |
| 2018-04-01 | 4 |
| 2018-05-01 | 3.8 |
| 2018-06-01 | 4 |
| 2018-07-01 | 3.8 |
| 2018-08-01 | 3.8 |
| 2018-09-01 | 3.7 |
| 2018-10-01 | 3.8 |
| 2018-11-01 | 3.8 |
| 2018-12-01 | 3.9 |
| 2019-01-01 | 4 |
| 2019-02-01 | 3.8 |
| 2019-03-01 | 3.8 |
| 2019-04-01 | 3.7 |
| 2019-05-01 | 3.6 |
| 2019-06-01 | 3.6 |
| 2019-07-01 | 3.7 |
| 2019-08-01 | 3.6 |
| 2019-09-01 | 3.5 |
| 2019-10-01 | 3.6 |
| 2019-11-01 | 3.6 |
| 2019-12-01 | 3.6 |
| 2020-01-01 | 3.6 |
| 2020-02-01 | 3.5 |
| 2020-03-01 | 4.4 |
| 2020-04-01 | 14.8 |
| 2020-05-01 | 13.2 |
| 2020-06-01 | 11 |
| 2020-07-01 | 10.2 |
| 2020-08-01 | 8.4 |
| 2020-09-01 | 7.8 |
| 2020-10-01 | 6.8 |
| 2020-11-01 | 6.7 |
| 2020-12-01 | 6.7 |
| 2021-01-01 | 6.4 |
| 2021-02-01 | 6.2 |
| 2021-03-01 | 6.1 |
| 2021-04-01 | 6.1 |
| 2021-05-01 | 5.8 |
| 2021-06-01 | 5.9 |
| 2021-07-01 | 5.4 |
| 2021-08-01 | 5.1 |
| 2021-09-01 | 4.7 |
| 2021-10-01 | 4.5 |
| 2021-11-01 | 4.1 |
| 2021-12-01 | 3.9 |
| 2022-01-01 | 4 |
| 2022-02-01 | 3.8 |
| 2022-03-01 | 3.6 |
| 2022-04-01 | 3.7 |
| 2022-05-01 | 3.6 |
| 2022-06-01 | 3.6 |
| 2022-07-01 | 3.5 |
| 2022-08-01 | 3.6 |
| 2022-09-01 | 3.5 |
| 2022-10-01 | 3.6 |
| 2022-11-01 | 3.6 |
| 2022-12-01 | 3.5 |
| 2023-01-01 | 3.4 |
| 2023-02-01 | 3.6 |
| 2023-03-01 | 3.5 |
| 2023-04-01 | 3.4 |
| 2023-05-01 | 3.7 |
| 2023-06-01 | 3.6 |
| 2023-07-01 | 3.5 |
| 2023-08-01 | 3.8 |
| 2023-09-01 | 3.8 |
| 2023-10-01 | 3.8 |
| 2023-11-01 | 3.7 |
| 2023-12-01 | 3.7 |
| 2024-01-01 | 3.7 |
| 2024-02-01 | 3.9 |
| 2024-03-01 | 3.8 |
| 2024-04-01 | 3.9 |
| 2024-05-01 | 4 |
| 2024-06-01 | 4.1 |
| 2024-07-01 | 4.3 |
| 2024-08-01 | 4.2 |
| 2024-09-01 | 4.1 |
Source [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
History of U.S. unemployment by president
The data in the table below shows the average unemployment rate during each president’s term, and how unemployment changed while they were in office.
| PRESIDENT | YEAR | Unemployment rate when taking office | Unemployment rate when leaving office | Unemployment rate change | Average unemployment rate while in office |
|---|---|---|---|---|---|
| PRESIDENT Joe Biden | YEAR 2021-present* | Unemployment rate when taking office 6.4% | Unemployment rate when leaving office 4.3% | Unemployment rate change -32.8% | Average unemployment rate while in office 4.2% |
| PRESIDENT Donald J. Trump | YEAR 2017-2021 | Unemployment rate when taking office 4.7% | Unemployment rate when leaving office 6.4% | Unemployment rate change 36.2% | Average unemployment rate while in office 5.0% |
| PRESIDENT Barack Obama | YEAR 2009–2017 | Unemployment rate when taking office 7.8% | Unemployment rate when leaving office 4.7% | Unemployment rate change -39.7% | Average unemployment rate while in office 7.4% |
| PRESIDENT George W. Bush | YEAR 2001–2009 | Unemployment rate when taking office 4.2% | Unemployment rate when leaving office 7.8% | Unemployment rate change 85.7% | Average unemployment rate while in office 5.3% |
| PRESIDENT Bill Clinton | YEAR 1993–2001 | Unemployment rate when taking office 7.3% | Unemployment rate when leaving office 4.2% | Unemployment rate change -42.5% | Average unemployment rate while in office 5.2% |
| PRESIDENT George H. W. Bush | YEAR 1989–1993 | Unemployment rate when taking office 5.4% | Unemployment rate when leaving office 7.3% | Unemployment rate change 35.2% | Average unemployment rate while in office 6.3% |
| PRESIDENT Ronald Reagan | YEAR 1981–1989 | Unemployment rate when taking office 7.5% | Unemployment rate when leaving office 5.4% | Unemployment rate change -28.0% | Average unemployment rate while in office 7.5% |
| PRESIDENT Jimmy Carter | YEAR 1977–1981 | Unemployment rate when taking office 7.5% | Unemployment rate when leaving office 7.5% | Unemployment rate change 0.0% | Average unemployment rate while in office 6.6% |
| PRESIDENT Gerald Ford | YEAR 1974–1977 | Unemployment rate when taking office 5.5% | Unemployment rate when leaving office 7.5% | Unemployment rate change 36.4% | Average unemployment rate while in office 7.8% |
| PRESIDENT Richard Nixon | YEAR 1969–1974 | Unemployment rate when taking office 3.4% | Unemployment rate when leaving office 5.5% | Unemployment rate change 61.8% | Average unemployment rate while in office 5.0% |
| PRESIDENT Lyndon Johnson | YEAR 1963–1969 | Unemployment rate when taking office 5.5% | Unemployment rate when leaving office 3.4% | Unemployment rate change -38.2% | Average unemployment rate while in office 4.2% |
| PRESIDENT John F. Kennedy | YEAR 1961–1963 | Unemployment rate when taking office 6.6% | Unemployment rate when leaving office 5.5% | Unemployment rate change -16.7% | Average unemployment rate while in office 6.0% |
| PRESIDENT Dwight Eisenhower | YEAR 1953–1961 | Unemployment rate when taking office 2.9% | Unemployment rate when leaving office 6.6% | Unemployment rate change 127.6% | Average unemployment rate while in office 4.9% |
| PRESIDENT Harry S. Truman | YEAR 1945–1953 | Unemployment rate when taking office 3.4% | Unemployment rate when leaving office 2.9% | Unemployment rate change -14.7% | Average unemployment rate while in office 4.2% |
*Present= 10/14/2024
Source [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
Events that impact unemployment rates
Let’s take a look at some of the events that have impacted unemployment rates over the years.
Recessions
A recession is a significant decline in economic activity, including a reduction in production and consumption. Recessions can last for months or even years, and can be triggered by events like wars, pandemics, financial crashes or supply chain disruptions.
Due to decreased demand for goods and services during a recession, companies start laying off their workers and stop raising prices. This makes unemployment rates go up, and inflation rates fall. [3] IMF, “Unemployment: The Curse of Joblessness” https://www.imf.org/external/pubs/ft/fandd/basics/unemploy.htm#:~:text=Consider%20a%20recession%2C%20a%20period,and%20inflation%20falls%20during%20recessions
Several presidents, including John F. Kennedy, Ronald Reagan, and Barack Obama, have had to contend with recessions during their presidencies.
Pandemics
Pandemics inhibit people’s ability to work and businesses’ ability to make money from selling their products and services. Most notably, the COVID-19 pandemic caused record unemployment levels of 14.8% in April 2020, during Donald Trump’s presidency. At this time, every state and Washington DC reached unemployment rates that were greater than those of the Great Recession.
Following this record, unemployment remained high during the pandemic, but fell every month after April 2020, eventually reaching the pre-pandemic level of 3.5% in July 2022. [4] CRS Reports, “Unemployment Rates During the COVID-19 Pandemic” https://crsreports.congress.gov/product/pdf/R/R46554/9#:~:text=The%20unemployment%20rate%20peaked%20at,to%20February%202020%20(3.5%25) [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
War
Wars have historically impacted unemployment in the U.S., typically reducing it by creating more jobs. For example, during the Second World War, unemployment rates fell due to millions of Americans being called up to fight in the military. Millions more stayed at home and took on manufacturing jobs in factories building ships, tanks, and bombs to help with the war effort. During this time, unemployment fell from an estimated 14.6% in 1940 following the Great Depression to an estimated 1.2% in 1944. [5] National Bureau of Economic Research, “Annual Estimates of Unemployment in the United States 1900-1954” https://www.nber.org/system/files/chapters/c2644/c2644.pdf
Impact on unemployment by president
Joe Biden (2021-present) - Average unemployment: 4.2%
From January 2021 to July 2024, the average unemployment rate under Joe Biden is 4.2%.
Biden took over from Donald Trump during the COVID-19 pandemic and introduced the American Rescue Plan Act to help workers and businesses bounce back after mass unemployment which had hit a high of 14.8% in April 2020. [6] The White House, “American Rescue Plan” https://www.whitehouse.gov/american-rescue-plan/
As businesses recovered from the pandemic, unemployment decreased from 6.4% at the start of Biden’s term, to 4.3% as of July 2024. [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
Donald J. Trump (2017-2021) - Average unemployment: 5%
During Donald Trump’s term, the average unemployment rate was 5%, starting at 4.7% and rising to 6.4% when he left office in January 2021. Trump’s term started with falling unemployment rates, hitting a low of 3.5% in September 2019 (the lowest unemployment rate since December 1969).
The COVID-19 pandemic impacted unemployment during the final year of Trump’s term, reaching a high of 14.8% in April 2020 (the highest rate on record). The Trump Administration passed the CARES Act, a $2 trillion relief effort to provide economic assistance to families and businesses. [7] U.S Treasury, “About the CARES Act and the Consolidated Appropriations Act” https://home.treasury.gov/policy-issues/coronavirus/about-the-cares-act
Although unemployment began to fall again, the rate when Trump left office was 6.4%, which is 36.2% higher than when his term began. [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
Barack Obama (2009-2017) - Average unemployment: 7.4%
Barack Obama took office during the Great Recession, with an unemployment rate of 7.8% in January 2009. Unemployment continued to rise in 2009, hitting a high of 10% in October of that year, the highest rate since 1983.
Obama implemented the American Recovery and Reinvestment Act (ARRA) in February 2009 to help jumpstart the economy, including measures to modernize infrastructure, create jobs and improve affordable healthcare. [8] FCC, “American Recovery and Reinvestment Act of 2009” https://www.fcc.gov/general/american-recovery-and-reinvestment-act-2009
The unemployment rate when Obama left office in January 2017 was 4.7%, a decrease of 39.7% from the beginning of his tenure. [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
George W. Bush (2001-2009) - Average unemployment: 5.3%
Unemployment was low at 4.2% when George W. Bush took office in January 2001. Notable events including the 9/11 terror attacks, Hurricane Katrina, and the 2008 financial crash all happened during Bush’s tenure.
Throughout Bush’s presidency, the average unemployment rate was 5.3%, but when he left office in January 2009, the rate was 7.8%, an 85.7% increase compared to when he took office in 2001. [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
Bill Clinton (1993 - 2001) - Average unemployment: 5.2%
During Bill Clinton’s presidency, the unemployment rate dropped consistently from 7.3% to 4.2%, the largest drop in unemployment of any president and a decrease of 42.5% over his two terms. Unemployment hit a low of 3.8% in April 2000, the lowest since December 1969 (3.5%). The average unemployment rate during Clinton’s tenure was 5.2%. [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
The U.S. economy added 22.7 million new jobs under Bill Clinton, compared to just two million under George W. Bush. [9] American Progress, “Power of Progressive Economics. The Clinton Years.” https://www.americanprogress.org/article/power-of-progressive-economics-the-clinton-years/
George H. W. Bush (1989-1993) - Average unemployment: 6.3%
During George Bush Senior’s presidency from 1989 to 1993, the unemployment rate rose by 35.2% from 5.4% to 7.3%. The average unemployment rate during his term was 6.3%, but it hit a high of 7.8% in June 1992 following a recession in 1990-1991. [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
This recession came following the Savings and Loans (S&L) Crisis, during which inflation rates and interest rates both rose quickly in the late 1970s and early 1980s. The effects of this meant that savers withdrew their funds from S&Ls to invest them elsewhere, and long-term fixed-rate mortgages lost considerable value. [10] Federal Reserve History, “Savings and Loans Crisis” https://www.federalreservehistory.org/essays/savings-and-loan-crisis
Ronald Reagan (1981-1989) - Average unemployment: 7.5%
At the beginning of Ronald Reagan’s presidency in 1981, the U.S. economy was going through a recession, with unemployment at 7.5% when Reagan took over from Jimmy Carter. Unemployment eventually hit a high of 10.8% under Reagan in November 1982, the highest rate since records began (1948). This rise in unemployment rates followed two recessions in the early 1980s, with the second lasting 16 months from July 1981 to November 1982. [11] Pew Research, “Reagan’s Recession” https://www.pewresearch.org/2010/12/14/reagans-recession/
Unemployment rates gradually reduced over the rest of Reagan’s tenure, following policies such as widespread tax cuts, decreased social spending and the deregulation of domestic markets. These policies were known as ‘Reaganomics’, and by the end of Reagan’s presidency, unemployment had reduced to 5.4%. [12] Investopedia, “Reaganomics: Definition, Policies and Impact” https://www.investopedia.com/terms/r/reaganomics.asp [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
Jimmy Carter (1977-1981) - Average unemployment: 6.6%
When Jimmy Carter took office in 1977, the U.S. economy was in recession, with an unemployment rate of 7.5%. Carter passed the Economic Stimulus Appropriations Act to stimulate the economy and create new jobs. During Carter’s presidency, unemployment rates reduced, hitting 5.8% in October 1978.
In the same year, Congress passed the Full Employment and Balanced Growth Act which aimed to reduce long-term unemployment and youth unemployment.
However, an energy crisis in the Middle East meant that gas prices rose sharply, causing massive cost-of-living increases. While the average unemployment rate during Carter’s term was 6.6%, unemployment at the end of his tenure was the same as when it started, at 7.5%. [13] DOL, “Chapter 8: Carter Administration” https://www.dol.gov/general/aboutdol/history/dolchp08 [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
Gerald Ford (1974-1977) - Average unemployment: 7.8%
When Gerald Ford took office in 1974, he inherited an economy of stagflation where inflation and unemployment were high and growth was slow. While unemployment was 5.5% when Ford’s presidency began, the average rate during his tenure was 7.8%. In May 1975, unemployment hit a post-WWII high of 9%.
During Ford’s term, unemployment was largely due to foreign competition and a larger American workforce in the form of Baby Boomers entering the job market. Ford called for a tax cut of $16 billion in 1975 to kickstart the economy and asked Congress to cut back on government spending. Congress later passed a tax cut of $22 billion but instead raised government spending.
Although unemployment during Ford’s tenure did reduce from the high of 9%, the rate when he left office was 7.5%, which was two percentage points higher than when he started. [14] Miller Center, “Gerald Ford: Domestic Affairs” https://millercenter.org/president/ford/domestic-affairs [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
Richard Nixon (1969-1974) - Average unemployment: 5%
Unemployment was 3.4% when Richard Nixon’s presidency began in 1969, following a sustained period of low unemployment from the mid-1960s. However, inflation was rising towards the late 1960s, and Nixon opted for a policy of ‘Gradualism’ which aimed to restrict growth to slow down the economic boom that had begun in 1968.
But Nixon’s policies failed to slow down inflation, and unemployment rose to 6.1% in the December of 1970. Nixon delayed pay raises for federal employees for six months to try and save money. This led to a strike by postal workers, and Nixon had to bring in the U.S. Army to ensure the postal system could keep running.
Inflation continued to climb and Nixon eventually resigned from office in August 1974 following the Watergate Scandal. The unemployment rate when he left was 5.5%, an increase of 2.1 percentage points compared to when he took office. [15] Miller Center, “Richard Nixon: Domestic Affairs” https://millercenter.org/president/nixon/domestic-affairs [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
Lyndon B. Johnson (1963-1969) - Average unemployment: 4.2%
Lyndon B. Johnson entered office in 1963 when the unemployment rate was 5.5%, and average unemployment during his presidency was 4.2%, the joint lowest rate with Harry S. Truman and Joe Biden.
Johnson implemented his ‘Great Society’ agenda which involved investing in education and funding for those below the poverty line. This included investment in job training and job placement programs to help millions of Americans raise themselves out of poverty. The effects of this investment, alongside a booming economy at the time, meant that the rate of poverty declined significantly during Johnson’s presidency, reducing from 20% to 12% between 1964 and 1974. [16] Miller Center, “Lyndon B. Johnson: Domestic Affairs” https://millercenter.org/president/lbjohnson/domestic-affairs
When Johnson left office in 1969, unemployment had reduced to a post-WWII low of 3.4%. [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
John F. Kennedy (1961-1963) - Average unemployment: 6%
When John F. Kennedy took office in 1961, unemployment was at 6.6%. At the time, the U.S. was experiencing its fourth major recession since the Second World War, with 5.5 million Americans out of work.
Kennedy’s administration introduced policies to stimulate the economy including increasing the minimum wage from $1 per hour to $1.25 per hour, lowering taxes, and boosting the business and housing sectors. His administration also made efforts to increase domestic and military spending, and the recession subsided by the end of Kennedy’s first year in office. [17] CQ Press, “Kennedy Wins Minimum Wage Victory” https://library.cqpress.com/cqalmanac/document.php?id=cqal61-1372039#:~:text=After%20an%20initial%20setback%20in,two%20steps%20over%20two%20years
The average unemployment rate during Kennedy’s term was 6% and had fallen to 5.5% when his presidency was cut short by his assassination in November 1963. [18] Miller Center, “John F. Kennedy: Domestic Affairs” https://millercenter.org/president/kennedy/domestic-affairs [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
Dwight D. Eisenhower (1953-1961) - Average unemployment: 4.9%
The unemployment rate was a low 2.9% in 1953 when Dwight D. Eisenhower started his presidency. The U.S. economy experienced three recessions during his time as president, and during the 1958 recession, the period of time an unemployed worker could receive benefits was extended by 50%. [19] DOL, “Chapter 5: Eisenhower Administration” https://www.dol.gov/general/aboutdol/history/dolchp05
Eisenhower prioritized a balanced budget, pushing back against pressure to cut taxes. Personal income increased by 45% during his term, which enabled families to begin purchasing new suburban homes and TVs. [20] Miller Center, “Dwight D. Eisenhower: Domestic Affairs” https://millercenter.org/president/eisenhower/domestic-affairs
Throughout Eisenhower’s presidency, the unemployment rate was 4.9% on average, but when he left office in 1961, it had risen to 6.6%, an increase of 127.6% from when he took office. [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
Harry S. Truman (1945-1953) - Average unemployment: 4.2%
Although Harry S. Truman took office in April 1945, data on the unemployment rate only started being collected three years into his presidency, with the first figures released in January 1948. At this time, the unemployment rate was 3.4%.
Truman became president five months before the end of the Second World War and made the crucial decision to drop atomic bombs on Hiroshima and Nagasaki, eventually bringing an end to the war. [21] The White House, “Harry S. Truman” https://www.whitehouse.gov/about-the-white-house/presidents/harry-s-truman/
In February 1946, following the end of the war and with hundreds of thousands of American soldiers returning home and a large share of the workforce looking for new jobs, Truman signed The Employment Act of 1946 into law. This mandated that it was the federal government’s responsibility to do everything in its power to achieve full employment. [22] Federal Reserve History, “Employment Act of 1946” https://www.federalreservehistory.org/essays/employment-act-of-1946
Unemployment eventually hit a low of 2.9% in March 1952, and, following some fluctuation, sat at 2.9% again when Truman left office in January 1953. [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
Sources
- [1] Federal Reserve, “Unemployment Rate” https://fred.stlouisfed.org/series/UNRATE
- [2] BLS, “Concepts and Definitions (CPS)” https://www.bls.gov/cps/definitions.htm
- [3] IMF, “Unemployment: The Curse of Joblessness” https://www.imf.org/external/pubs/ft/fandd/basics/unemploy.htm#:~:text=Consider%20a%20recession%2C%20a%20period,and%20inflation%20falls%20during%20recessions
- [4] CRS Reports, “Unemployment Rates During the COVID-19 Pandemic” https://crsreports.congress.gov/product/pdf/R/R46554/9#:~:text=The%20unemployment%20rate%20peaked%20at,to%20February%202020%20(3.5%25)
- [5] National Bureau of Economic Research, “Annual Estimates of Unemployment in the United States 1900-1954” https://www.nber.org/system/files/chapters/c2644/c2644.pdf
- [6] The White House, “American Rescue Plan” https://www.whitehouse.gov/american-rescue-plan/
- [7] U.S Treasury, “About the CARES Act and the Consolidated Appropriations Act” https://home.treasury.gov/policy-issues/coronavirus/about-the-cares-act
- [8] FCC, “American Recovery and Reinvestment Act of 2009” https://www.fcc.gov/general/american-recovery-and-reinvestment-act-2009
- [9] American Progress, “Power of Progressive Economics. The Clinton Years.” https://www.americanprogress.org/article/power-of-progressive-economics-the-clinton-years/
- [10] Federal Reserve History, “Savings and Loans Crisis” https://www.federalreservehistory.org/essays/savings-and-loan-crisis
- [11] Pew Research, “Reagan’s Recession” https://www.pewresearch.org/2010/12/14/reagans-recession/
- [12] Investopedia, “Reaganomics: Definition, Policies and Impact” https://www.investopedia.com/terms/r/reaganomics.asp
- [13] DOL, “Chapter 8: Carter Administration” https://www.dol.gov/general/aboutdol/history/dolchp08
- [14] Miller Center, “Gerald Ford: Domestic Affairs” https://millercenter.org/president/ford/domestic-affairs
- [15] Miller Center, “Richard Nixon: Domestic Affairs” https://millercenter.org/president/nixon/domestic-affairs
- [16] Miller Center, “Lyndon B. Johnson: Domestic Affairs” https://millercenter.org/president/lbjohnson/domestic-affairs
- [17] CQ Press, “Kennedy Wins Minimum Wage Victory” https://library.cqpress.com/cqalmanac/document.php?id=cqal61-1372039#:~:text=After%20an%20initial%20setback%20in,two%20steps%20over%20two%20years
- [18] Miller Center, “John F. Kennedy: Domestic Affairs” https://millercenter.org/president/kennedy/domestic-affairs
- [19] DOL, “Chapter 5: Eisenhower Administration” https://www.dol.gov/general/aboutdol/history/dolchp05
- [20] Miller Center, “Dwight D. Eisenhower: Domestic Affairs” https://millercenter.org/president/eisenhower/domestic-affairs
- [21] The White House, “Harry S. Truman” https://www.whitehouse.gov/about-the-white-house/presidents/harry-s-truman/
- [22] Federal Reserve History, “Employment Act of 1946” https://www.federalreservehistory.org/essays/employment-act-of-1946
