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January 9, 2017

8 ways job market has evolved under Obama

By CHRISTOPHER S. RUGABER
AP Economics Writer

WASHINGTON — When President Barack Obama took office in January 2009 in the midst of the Great Recession, the economy was hemorrhaging jobs. Employers were panicking in the face of plummeting demand and a financial crisis that had frozen credit.

In March 2009 alone, 823,000 jobs disappeared. When the bleeding finally stopped in February 2010, 8.7 million jobs were gone. The unemployment rate hit a painful 10 percent — a quarter-century high — in October 2009.


 
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