President Obama inherited the "Great Recession" upon taking office in January 2009, the worst economic crisis since the Great Depression, characterized by 700,000+ monthly job losses and a financial system collapse. : Over 10 million jobs were created between February 2010 and December 2016, leading to 75 consecutive months of job growth.
During Barack Obama's presidency (2009–2017), the U.S. unemployment rate peaked at 10.0% in October 2009 following the Great Recession, before declining to 4.7% by the time he left office in January 2017.
During Joe Biden's first term (January 2021 – January 2025), the U.S. unemployment rate experienced a significant decline, falling from 6.3-6.4% when he took office to 4.0% by January 2025
Hispanic unemployment fell from 8.6% at the start of the administration to 5.5% as of August 2024
Black unemployment hit a record low of 4.8% in April 2023,
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During Trump's first term, Unemployment rose from 4.7% to 6.3% over the full four years
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When Trump took office in January 2017, the Hispanic unemployment rate was 5.9% the Hispanic unemployment rate spiked significantly, reaching 10.4% in 2020
Upon taking office in January 2017, the Black unemployment rate was roughly 7.7%
Black unemployment hit 16.7% at the end of Trump's first term
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The Biden-Harris administration's economic policies contributed to a recovery that generated 5 million jobs for Latino workers
Average annual real wages for Latinos grew by 4% from December 2019 to June 2024.
he Biden administration has focused on increasing housing supply, enhancing credit accessibility, and addressing racial inequalities in homeownership
Latino net worth is up 47% between 2019 and 2022 and the Latino-white wealth gap is at its narrowest level in nearly 30 years
the share of Hispanic adults aged 25–54 with a job reached a record high of 77.9%
Black labor force participation rose during the Biden term, at times exceeding 63% and surpassing the participation rate for white workers, which was a historic shift.
The rate of Black business ownership doubled between 2019 and 2023, according to a 2024 report.
The Black poverty rate hit a record low of 17.1% in 2022 under the Biden administration, down from 18.8% in 2019.
After these record lows, the Black unemployment rate has risen, reaching 8.3% in November 2025, which was the highest level since the pandemic. As of early 2026, the rate continued to be higher, averaging 6.9% between January 2025 and January 2026
In a second term (as of late 2025/early 2026), reports indicate a significant slowdown in job growth for Hispanic workers, with nearly 300,000 fewer jobs created in key industries during the first eight months of 2025 compared to the same period in 2024.
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