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A shrunken economy, huge job losses. Behind us for now?

Welcome to VoteFacts.  During the Democratic National Convention, former President Clinton had this to say:

"When President Barack Obama took office, the economy had just shrunk 9 full percent of GDP, we were losing 750,000 jobs a month."

Sounds pretty bad right? However, numbers aren't always right so we thought we would get the facts for you.   For that, we turn to the Bureau of Economic Analysis (BEA) and the Bureau of Labor Statistics (BLS).  Here we go:

According to the Bureau of Economic Analysis (BEA) gross domestic product in the last quarter of 2008 was negative 8.4% in current dollars and negative 8.9% in chained 2005 dollars.  BEA Table

How about the second part - Were we losing 750,000 jobs a month?  For that information, we look to the Bureau of Labor Statistics (BLS).

According to the BLS data, the

You can do your own addition and subtraction for as many months as you would like, but we looked at November to December of 2008 and found that 661,000 jobs were shed, and by January of 2009 when President Obama took office job losses had increased to 818,000 and 724,000 in the month of February.  Now that you have focused on facts, chime in and cast your vote on today's question. Have we rebounded from the jobs and GDP losses we were facing when President Obama took office?

NOTE:  To use the BLS link, choose total nonfarm seasonally adjusted, then go to the bottom and click "retrieve data".  Once you get the data, you can adjust the years in the  upper right.  For this post, we chose 2008-2010.  Also add the graph by clicking on the box that says "add graph".

Resources

BLS

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When Barack Obama took office, had the economy had just shrunk 9 full percent of GDP?
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Fact Fiction

Were we losing 750,000 jobs a month?
You Decide! Vote Now
Fact Fiction

 

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Voting Key


Fact = 100% - 92% True
Mostly Fact = 91% - 75% True
Slightly Fact = 74% - 60% True
Split = 59% - 50% True
Slightly Fiction = 49% - 30% True
Mostly Fiction = 29% - 10% True
Fiction = 9% - 0% True