Govargus

Economy

Unemployment rate by president

Share of the labor force that is jobless and actively looking for work (U-3, seasonally adjusted).

4.2% latest, Sep 2026

Jimmy Carter (Democratic)ReaganRonald Reagan (Republican)BushGeorge H. W. Bush (Republican)ClintonBill Clinton (Democratic)BushGeorge W. Bush (Republican)ObamaBarack Obama (Democratic)TrumpDonald Trump (1st term) (Republican)BidenJoe Biden (Democratic)Donald Trump (2nd term) (Republican)Recession (NBER)Recession (NBER)Recession (NBER)Recession (NBER)Recession (NBER)Recession (NBER)2%4%6%8%10%12%14%16%1980198519901995200020052010201520202025Sep 15, 2008 · Shock: Lehman Brothers collapsesFeb 17, 2009 · Law: American Recovery and Reinvestment ActMar 11, 2020 · Shock: COVID-19 declared a pandemicMar 27, 2020 · Law: CARES ActMar 16, 2022 · Federal Reserve: Fed begins raising rates

Source: Bureau of Labor Statistics, via FRED UNRATE. Monthly data, fetched Oct 19, 2026.

Since 1980, the unemployment rate ranged from 3.4% in Apr 2023 under Joe Biden to 14.8% in Apr 2020 under Donald Trump (1st term). Of the 8 completed terms with data, the unemployment rate rose fastest under George H. W. Bush, at +0.53 pts/yr against −0.50 pts/yr in the four years before, and fell fastest under Joe Biden, at −0.65 pts/yr against +0.50 pts/yr in the four years before. So far under Donald Trump (2nd term), it has gone from 4.1% in Dec 2024 to 4.2% in Sep 2026.

By presidential term

Unemployment rate, term by term: every term lined up from inauguration on one chart.

Value at the last full period before inauguration and at the end of the term, with the yearly rate of change. The second column is the rate of change over the four years before the term: the trend they inherited. Remember the lag: a term's first year mostly reflects the previous one's policies.

PresidentDuring term4 years before
Donald Trump (2nd term)
2025–now		4.1% → 4.2%
+0.06 pts/yr · through Sep 2026		−0.65 pts/yr
Joe Biden
2021–2025		6.7% → 4.1%
−0.65 pts/yr		+0.50 pts/yr
Donald Trump (1st term)
2017–2021		4.7% → 6.7%
+0.50 pts/yr		−0.80 pts/yr
Barack Obama
2009–2017		7.3% → 4.7%
−0.32 pts/yr		+0.47 pts/yr
George W. Bush
2001–2009		3.9% → 7.3%
+0.43 pts/yr		−0.38 pts/yr
Bill Clinton
1993–2001		7.4% → 3.9%
−0.44 pts/yr		+0.53 pts/yr
George H. W. Bush
1989–1993		5.3% → 7.4%
+0.53 pts/yr		−0.50 pts/yr
Ronald Reagan
1981–1989		7.2% → 5.3%
−0.24 pts/yr		−0.15 pts/yr
Jimmy Carter
1977–1981		7.8% → 7.2%
−0.15 pts/yr		+0.65 pts/yr

More economy indicators

Events that bear on this indicator

  1. Mar 16, 2022 Federal Reserve
    Fed begins raising rates. First of eleven rate hikes over 2022–23 to fight post-pandemic inflation.
  2. Mar 27, 2020 Law
    CARES Act. About $2.2 trillion in relief: stimulus checks, expanded unemployment benefits and the Paycheck Protection Program.
  3. Mar 11, 2020 Shock
    COVID-19 declared a pandemic. Lockdowns push unemployment to 14.8% in April 2020.
  4. Feb 17, 2009 Law
    American Recovery and Reinvestment Act. About $800 billion in stimulus: tax cuts, aid to states, infrastructure and safety-net spending.
  5. Sep 15, 2008 Shock
    Lehman Brothers collapses. The financial crisis peaks; the Great Recession deepens.