Hoover, Move Over: Obama the Lowest-Growth U.S. President
March 4, 2017 (EIRNS)—The U.S. Commerce Department on Feb. 28 confirmed its initial estimate of Gross Domestic Product growth in the fourth quarter of 2016, at a 1.9% annual growth rate. That meant that GDP growth in Obama’s final year as President was 1.4%, and his average of 1.3% growth over eight years was the lowest of any President.
The factors favoring productivity in the Commerce Department report—business capital investment and public construction—were revised even lower for the quarter and the year, than its first estimate, while personal consumption was revised upward.
Thus the overall picture for Obama’s last year was: GDP growth 1.4%; average hourly and weekly real wages down –0.6%; productivity growth 0.2%; manufacturing jobs loss –63,000; goods-producing jobs loss –59,000.