Updated September 29, 2026

Accountability Desk

The record, with the receipts.

By the numbers: the economy under Democratic and Republican presidents

Every president from Reagan to Trump, measured with official data: jobs, growth, stocks, recessions, debt and inflation.

From 1981 to 2025, Republicans held the White House for 24 years and Democrats for 20. On most measures below, the economy did better under Democratic presidents, a pattern economists have documented back to 1949. Whether presidents deserve the credit is a separate question, discussed at the bottom of this page. Party totals cover completed terms only; Trump's second term is shown separately as in progress.

Jobs added per year

2.5MDemocrats
0.7MRepublicans

Nonfarm payroll jobs, BLS

Real GDP growth per year

3.0%Democrats
2.5%Republicans

Inflation-adjusted, BEA

S&P 500 gain per year

13.9%Democrats
5.2%Republicans

Price only, excludes dividends

Months in recession

6Democrats
46Republicans

NBER dates; all 5 recessions began under Republicans

Change in debt as share of GDP

+19 ptsDemocrats
+71 ptsRepublicans

Total public debt / GDP, Treasury

Inflation per year

2.7%Democrats
3.2%Republicans

Consumer prices (CPI), BLS

Party totals, 1981–2025

Completed presidencies only. Rates are averages weighted by years in office.

MeasureDemocratsRepublicans
Years in office (1981–2025)20 (3 presidents)24 (4 presidents)
Jobs added, total+49.9M+17.4M
Jobs added per year+2.5M+0.7M
Real GDP growth per year2.96%2.48%
S&P 500 gain per year13.94%5.16%
Inflation per year2.74%3.20%
Recessions that began05
Months in recession646
Change in unemployment rate (sum of terms)-8.6 pts+5.1 pts
Debt added (nominal dollars)+$19.2T+$16.1T
Debt added per year (nominal)+$962B+$669B
Change in debt-to-GDP ratio+19.0 pts+71.2 pts
Manufacturing jobs+628,000-6,594,000

Jobs added

Change in nonfarm payroll employment from January of the first year in office to January after leaving. Trump's second term runs to August 2026.

Democratic president Republican president Term in progress

-5M0M5M10M15M20M25MRonald Reagan (Republican), 1981–1989: +16.1MReagan (R)1981–1989+16.1MGeorge H.W. Bush (Republican), 1989–1993: +2.6MBush (R)1989–1993+2.6MBill Clinton (Democrat), 1993–2001: +22.9MClinton (D)1993–2001+22.9MGeorge W. Bush (Republican), 2001–2009: +1.4MW. Bush (R)2001–2009+1.4MBarack Obama (Democrat), 2009–2017: +11.5MObama (D)2009–2017+11.5MDonald Trump (1st term) (Republican), 2017–2021: −2.8MTrump I (R)2017–2021−2.8MJoe Biden (Democrat), 2021–2025: +15.4MBiden (D)2021–2025+15.4MDonald Trump (2nd term, to date) (Republican), 2025–now: +0.8MTrump II (R)2025–now+0.8M
-10M0M10M20M30MRonald Reagan (Republican), 1981–1989: +16.1MReagan (R) 1981–1989+16.1MGeorge H.W. Bush (Republican), 1989–1993: +2.6MBush (R) 1989–1993+2.6MBill Clinton (Democrat), 1993–2001: +22.9MClinton (D) 1993–2001+22.9MGeorge W. Bush (Republican), 2001–2009: +1.4MW. Bush (R) 2001–2009+1.4MBarack Obama (Democrat), 2009–2017: +11.5MObama (D) 2009–2017+11.5MDonald Trump (1st term) (Republican), 2017–2021: −2.8MTrump I (R) 2017–2021−2.8MJoe Biden (Democrat), 2021–2025: +15.4MBiden (D) 2021–2025+15.4MDonald Trump (2nd term, to date) (Republican), 2025–now: +0.8MTrump II (R) 2025–now+0.8M

Trump's first-term loss reflects the COVID-19 shutdown in 2020; before the pandemic, payrolls had grown by about 6.6 million. Biden's total includes jobs regained after the pandemic.

Show the numbers
PresidentPeriodJobs addedPer yearAnnual growth
Ronald ReaganJan 1981 - Jan 1989+16.1M+2.0M2.06%
George H.W. BushJan 1989 - Jan 1993+2.6M+0.7M0.61%
Bill ClintonJan 1993 - Jan 2001+22.9M+2.9M2.40%
George W. BushJan 2001 - Jan 2009+1.4M+0.2M0.13%
Barack ObamaJan 2009 - Jan 2017+11.5M+1.4M1.04%
Donald Trump (1st term)Jan 2017 - Jan 2021−2.8M−0.7M−0.48%
Joe BidenJan 2021 - Jan 2025+15.4M+3.9M2.59%
Donald Trump (2nd term, to date)Jan 2025 - Aug 2026+0.8M+0.5M0.32%

Economic growth

Average annual growth in real (inflation-adjusted) GDP, from the quarter before taking office to the final full year.

Democratic president Republican president Term in progress

0%1%2%3%4%Ronald Reagan (Republican), 1981–1989: 3.5%Reagan (R)1981–19893.5%George H.W. Bush (Republican), 1989–1993: 2.2%Bush (R)1989–19932.2%Bill Clinton (Democrat), 1993–2001: 3.8%Clinton (D)1993–20013.8%George W. Bush (Republican), 2001–2009: 1.9%W. Bush (R)2001–20091.9%Barack Obama (Democrat), 2009–2017: 2.0%Obama (D)2009–20172.0%Donald Trump (1st term) (Republican), 2017–2021: 1.9%Trump I (R)2017–20211.9%Joe Biden (Democrat), 2021–2025: 3.3%Biden (D)2021–20253.3%Donald Trump (2nd term, to date) (Republican), 2025–now: 2.1%Trump II (R)2025–now2.1%
0%1%2%3%4%Ronald Reagan (Republican), 1981–1989: 3.5%Reagan (R) 1981–19893.5%George H.W. Bush (Republican), 1989–1993: 2.2%Bush (R) 1989–19932.2%Bill Clinton (Democrat), 1993–2001: 3.8%Clinton (D) 1993–20013.8%George W. Bush (Republican), 2001–2009: 1.9%W. Bush (R) 2001–20091.9%Barack Obama (Democrat), 2009–2017: 2.0%Obama (D) 2009–20172.0%Donald Trump (1st term) (Republican), 2017–2021: 1.9%Trump I (R) 2017–20211.9%Joe Biden (Democrat), 2021–2025: 3.3%Biden (D) 2021–20253.3%Donald Trump (2nd term, to date) (Republican), 2025–now: 2.1%Trump II (R) 2025–now2.1%
Show the numbers
PresidentPeriodReal GDP growth per year
Ronald ReaganQ4 1980 - Q4 19883.55%
George H.W. BushQ4 1988 - Q4 19922.21%
Bill ClintonQ4 1992 - Q4 20003.80%
George W. BushQ4 2000 - Q4 20081.86%
Barack ObamaQ4 2008 - Q4 20161.99%
Donald Trump (1st term)Q4 2016 - Q4 20201.87%
Joe BidenQ4 2020 - Q4 20243.26%
Donald Trump (2nd term, to date)Q4 2024 - Q2 20262.15%

Stock market

Average annual gain in the S&P 500 from inauguration day to the successor's inauguration. Price change only; dividends would add roughly 2 points a year.

Democratic president Republican president Term in progress

-10%-5%0%5%10%15%20%Ronald Reagan (Republican), 1981–1989: 10.2%Reagan (R)1981–198910.2%George H.W. Bush (Republican), 1989–1993: 10.9%Bush (R)1989–199310.9%Bill Clinton (Democrat), 1993–2001: 15.2%Clinton (D)1993–200115.2%George W. Bush (Republican), 2001–2009: −6.2%W. Bush (R)2001–2009−6.2%Barack Obama (Democrat), 2009–2017: 13.8%Obama (D)2009–201713.8%Donald Trump (1st term) (Republican), 2017–2021: 14.1%Trump I (R)2017–202114.1%Joe Biden (Democrat), 2021–2025: 11.7%Biden (D)2021–202511.7%Donald Trump (2nd term, to date) (Republican), 2025–now: 15.7%Trump II (R)2025–now15.7%
-10%0%10%20%Ronald Reagan (Republican), 1981–1989: 10.2%Reagan (R) 1981–198910.2%George H.W. Bush (Republican), 1989–1993: 10.9%Bush (R) 1989–199310.9%Bill Clinton (Democrat), 1993–2001: 15.2%Clinton (D) 1993–200115.2%George W. Bush (Republican), 2001–2009: −6.2%W. Bush (R) 2001–2009−6.2%Barack Obama (Democrat), 2009–2017: 13.8%Obama (D) 2009–201713.8%Donald Trump (1st term) (Republican), 2017–2021: 14.1%Trump I (R) 2017–202114.1%Joe Biden (Democrat), 2021–2025: 11.7%Biden (D) 2021–202511.7%Donald Trump (2nd term, to date) (Republican), 2025–now: 15.7%Trump II (R) 2025–now15.7%

George W. Bush's term spanned both the dot-com crash and the 2008 financial crisis.

Show the numbers
PresidentS&P 500 at startAt endTotal changePer year
Ronald Reagan131.65286.63+117.7%+10.2%
George H.W. Bush286.63433.37+51.2%+10.9%
Bill Clinton433.371,342.54+209.8%+15.2%
George W. Bush1,342.54805.22−40.0%−6.2%
Barack Obama805.222,271.31+182.1%+13.8%
Donald Trump (1st term)2,271.313,851.85+69.6%+14.1%
Joe Biden3,851.855,996.66+55.7%+11.7%
Donald Trump (2nd term, to date)5,996.667,670.84 (Sept. 29, 2026)+27.9%+15.7%

Unemployment rate, start to finish

Unemployment rate in the month each president took office (hollow dot) and in the month they left (solid dot).

Democratic president Republican president Term in progress

3%4%5%6%7%8%9%Ronald Reagan: 7.5% when taking office, 5.4% at the endReagan (R)1981–19895.4%George H.W. Bush: 5.4% when taking office, 7.3% at the endBush (R)1989–19937.3%Bill Clinton: 7.3% when taking office, 4.2% at the endClinton (D)1993–20014.2%George W. Bush: 4.2% when taking office, 7.8% at the endW. Bush (R)2001–20097.8%Barack Obama: 7.8% when taking office, 4.7% at the endObama (D)2009–20174.7%Donald Trump (1st term): 4.7% when taking office, 6.4% at the endTrump I (R)2017–20216.4%Joe Biden: 6.4% when taking office, 4.0% at the endBiden (D)2021–20254.0%Donald Trump (2nd term, to date): 4.0% when taking office, 4.1% at the end (latest)Trump II (R)2025–now4.1%
3%4%5%6%7%8%9%Ronald Reagan: 7.5% when taking office, 5.4% at the endReagan (R) 7.5% → 5.4%George H.W. Bush: 5.4% when taking office, 7.3% at the endBush (R) 5.4% → 7.3%Bill Clinton: 7.3% when taking office, 4.2% at the endClinton (D) 7.3% → 4.2%George W. Bush: 4.2% when taking office, 7.8% at the endW. Bush (R) 4.2% → 7.8%Barack Obama: 7.8% when taking office, 4.7% at the endObama (D) 7.8% → 4.7%Donald Trump (1st term): 4.7% when taking office, 6.4% at the endTrump I (R) 4.7% → 6.4%Joe Biden: 6.4% when taking office, 4.0% at the endBiden (D) 6.4% → 4.0%Donald Trump (2nd term, to date): 4.0% when taking office, 4.1% at the endTrump II (R) 4.0% → 4.1%
Show the numbers
PresidentWhen taking officeWhen leaving
Ronald Reagan7.5%5.4%
George H.W. Bush5.4%7.3%
Bill Clinton7.3%4.2%
George W. Bush4.2%7.8%
Barack Obama7.8%4.7%
Donald Trump (1st term)4.7%6.4%
Joe Biden6.4%4.0%
Donald Trump (2nd term, to date)4.0%4.1% (Aug. 2026)

Recessions

Every recession since 1981 as dated by the National Bureau of Economic Research, the official arbiter of U.S. business cycles.

Ronald Reagan (Republican), 1981–1989: 16 months of recessionReaganGeorge H.W. Bush (Republican), 1989–1993: 8 months of recessionBushBill Clinton (Democrat), 1993–2001: 0 months of recessionClintonGeorge W. Bush (Republican), 2001–2009: 20 months of recessionW. BushBarack Obama (Democrat), 2009–2017: 6 months of recessionObamaDonald Trump (1st term) (Republican), 2017–2021: 2 months of recessionTrump IJoe Biden (Democrat), 2021–2025: 0 months of recessionBidenDonald Trump (2nd term, to date) (Republican), 2025–now: 0 months of recessionTrump IIRecession (NBER): Jul 1981–Nov 1982Recession (NBER): Jul 1990–Mar 1991Recession (NBER): Mar–Nov 2001Recession (NBER): Dec 2007–Jun 2009Recession (NBER): Feb–Apr 2020198519901995200020052010201520202025Democratic presidentRepublican presidentRecession (NBER dates)
Ronald Reagan (Republican), 1981–1989: 16 months of recessionReaganGeorge H.W. Bush (Republican), 1989–1993: 8 months of recessionBushBill Clinton (Democrat), 1993–2001: 0 months of recessionClintonGeorge W. Bush (Republican), 2001–2009: 20 months of recessionW. BushBarack Obama (Democrat), 2009–2017: 6 months of recessionObamaDonald Trump (1st term) (Republican), 2017–2021: 2 months of recessionTrump IJoe Biden (Democrat), 2021–2025: 0 months of recessionBidenDonald Trump (2nd term, to date) (Republican), 2025–now: 0 months of recessionTrump IIRecession (NBER): Jul 1981–Nov 1982Recession (NBER): Jul 1990–Mar 1991Recession (NBER): Mar–Nov 2001Recession (NBER): Dec 2007–Jun 2009Recession (NBER): Feb–Apr 20201990200020102020Democratic presidentRepublican presidentRecession (NBER dates)

The 1981 recession was driven largely by the Federal Reserve's decision to raise interest rates to break inflation, and the 2020 recession by the pandemic. Recessions often begin from conditions that built up under a predecessor.

Show the numbers
RecessionBegan underMonths
Jul 1981 – Nov 1982Reagan (R)16
Jul 1990 – Mar 1991George H.W. Bush (R)8
Mar 2001 – Nov 2001George W. Bush (R)8
Dec 2007 – Jun 2009George W. Bush (R); ended under Obama (D)18
Feb 2020 – Apr 2020Trump (R)2

National debt added, in dollars

Increase in total public debt from the Dec. 31 before taking office to the Dec. 31 before leaving. Trump's second term runs to Sept. 29, 2026.

Democratic president Republican president Term in progress

$0T$2T$4T$6T$8T$10TRonald Reagan (Republican), 1981–1989: +$1.8TReagan (R)1981–1989+$1.8TGeorge H.W. Bush (Republican), 1989–1993: +$1.5TBush (R)1989–1993+$1.5TBill Clinton (Democrat), 1993–2001: +$1.5TClinton (D)1993–2001+$1.5TGeorge W. Bush (Republican), 2001–2009: +$5.0TW. Bush (R)2001–2009+$5.0TBarack Obama (Democrat), 2009–2017: +$9.3TObama (D)2009–2017+$9.3TDonald Trump (1st term) (Republican), 2017–2021: +$7.8TTrump I (R)2017–2021+$7.8TJoe Biden (Democrat), 2021–2025: +$8.5TBiden (D)2021–2025+$8.5TDonald Trump (2nd term, to date) (Republican), 2025–now: +$3.9TTrump II (R)2025–now+$3.9T
$0T$2.5T$5T$7.5T$10TRonald Reagan (Republican), 1981–1989: +$1.8TReagan (R) 1981–1989+$1.8TGeorge H.W. Bush (Republican), 1989–1993: +$1.5TBush (R) 1989–1993+$1.5TBill Clinton (Democrat), 1993–2001: +$1.5TClinton (D) 1993–2001+$1.5TGeorge W. Bush (Republican), 2001–2009: +$5.0TW. Bush (R) 2001–2009+$5.0TBarack Obama (Democrat), 2009–2017: +$9.3TObama (D) 2009–2017+$9.3TDonald Trump (1st term) (Republican), 2017–2021: +$7.8TTrump I (R) 2017–2021+$7.8TJoe Biden (Democrat), 2021–2025: +$8.5TBiden (D) 2021–2025+$8.5TDonald Trump (2nd term, to date) (Republican), 2025–now: +$3.9TTrump II (R) 2025–now+$3.9T

Dollar figures are not adjusted for inflation or the size of the economy, so recent presidents look larger by default. Reagan nearly tripled the debt (+188%); the next chart puts all terms on the same footing.

Show the numbers
PresidentDebt at startDebt at endAddedIncrease
Ronald Reagan$930B$2.7T+$1.8T+189%
George H.W. Bush$2.7T$4.2T+$1.5T+56%
Bill Clinton$4.2T$5.7T+$1.5T+36%
George W. Bush$5.7T$10.7T+$5.0T+89%
Barack Obama$10.7T$20.0T+$9.3T+87%
Donald Trump (1st term)$20.0T$27.7T+$7.8T+39%
Joe Biden$27.7T$36.2T+$8.5T+30%
Donald Trump (2nd term, to date)$36.2T$40.1T+$3.9T+11%

National debt as a share of the economy

Change in total public debt as a percentage of GDP over each presidency, in percentage points.

Democratic president Republican president Term in progress

-10010203040Ronald Reagan (Republican), 1981–1989: +18.5 ptsReagan (R)1981–1989+18.5 ptsGeorge H.W. Bush (Republican), 1989–1993: +12.8 ptsBush (R)1989–1993+12.8 ptsBill Clinton (Democrat), 1993–2001: −8.2 ptsClinton (D)1993–2001−8.2 ptsGeorge W. Bush (Republican), 2001–2009: +18.9 ptsW. Bush (R)2001–2009+18.9 ptsBarack Obama (Democrat), 2009–2017: +31.4 ptsObama (D)2009–2017+31.4 ptsDonald Trump (1st term) (Republican), 2017–2021: +21.0 ptsTrump I (R)2017–2021+21.0 ptsJoe Biden (Democrat), 2021–2025: −4.2 ptsBiden (D)2021–2025−4.2 ptsDonald Trump (2nd term, to date) (Republican), 2025–now: +1.2 ptsTrump II (R)2025–now+1.2 pts
-2002040Ronald Reagan (Republican), 1981–1989: +18.5 ptsReagan (R) 1981–1989+18.5 ptsGeorge H.W. Bush (Republican), 1989–1993: +12.8 ptsBush (R) 1989–1993+12.8 ptsBill Clinton (Democrat), 1993–2001: −8.2 ptsClinton (D) 1993–2001−8.2 ptsGeorge W. Bush (Republican), 2001–2009: +18.9 ptsW. Bush (R) 2001–2009+18.9 ptsBarack Obama (Democrat), 2009–2017: +31.4 ptsObama (D) 2009–2017+31.4 ptsDonald Trump (1st term) (Republican), 2017–2021: +21.0 ptsTrump I (R) 2017–2021+21.0 ptsJoe Biden (Democrat), 2021–2025: −4.2 ptsBiden (D) 2021–2025−4.2 ptsDonald Trump (2nd term, to date) (Republican), 2025–now: +1.2 ptsTrump II (R) 2025–now+1.2 pts

Obama's increase came mostly while the economy recovered from the 2008 financial crisis; Trump's first-term increase includes pandemic relief passed with bipartisan votes. Under Clinton the debt shrank relative to the economy, helped by budget deals with a Republican Congress and a strong economy.

Show the numbers
PresidentDebt/GDP at startAt endChange
Ronald Reagan31.2%49.7%+18.5 pts
George H.W. Bush49.7%62.5%+12.8 pts
Bill Clinton62.5%54.3%−8.2 pts
George W. Bush54.3%73.2%+18.9 pts
Barack Obama73.2%104.6%+31.4 pts
Donald Trump (1st term)104.6%125.6%+21.0 pts
Joe Biden125.6%121.4%−4.2 pts
Donald Trump (2nd term, to date)121.4%122.6%+1.2 pts

Average annual budget deficit

Federal surplus or deficit as a share of GDP, averaged over the fiscal years each president's budgets covered (Trump's second term excluded; only fiscal 2025 is complete).

Democratic president Republican president Term in progress

-10%-8%-6%-4%-2%0%Ronald Reagan (Republican), 1981–1989: −4.1%Reagan (R)1981–1989−4.1%George H.W. Bush (Republican), 1989–1993: −4.1%Bush (R)1989–1993−4.1%Bill Clinton (Democrat), 1993–2001: −0.1%Clinton (D)1993–2001−0.1%George W. Bush (Republican), 2001–2009: −3.3%W. Bush (R)2001–2009−3.3%Barack Obama (Democrat), 2009–2017: −4.9%Obama (D)2009–2017−4.9%Donald Trump (1st term) (Republican), 2017–2021: −8.6%Trump I (R)2017–2021−8.6%Joe Biden (Democrat), 2021–2025: −5.8%Biden (D)2021–2025−5.8%
-10%-7.5%-5%-2.5%0%Ronald Reagan (Republican), 1981–1989: −4.1%Reagan (R) 1981–1989−4.1%George H.W. Bush (Republican), 1989–1993: −4.1%Bush (R) 1989–1993−4.1%Bill Clinton (Democrat), 1993–2001: −0.1%Clinton (D) 1993–2001−0.1%George W. Bush (Republican), 2001–2009: −3.3%W. Bush (R) 2001–2009−3.3%Barack Obama (Democrat), 2009–2017: −4.9%Obama (D) 2009–2017−4.9%Donald Trump (1st term) (Republican), 2017–2021: −8.6%Trump I (R) 2017–2021−8.6%Joe Biden (Democrat), 2021–2025: −5.8%Biden (D) 2021–2025−5.8%

Fiscal years start Oct. 1, so each president is assigned the years beginning after their first October in office. Fiscal 2009 (−9.8%) is counted under George W. Bush even though it includes early Obama stimulus.

Show the numbers
PresidentFiscal yearsAverage surplus (+) / deficit (−)
Ronald ReaganFY1982-FY1989−4.08%
George H.W. BushFY1990-FY1993−4.06%
Bill ClintonFY1994-FY2001−0.12%
George W. BushFY2002-FY2009−3.29%
Barack ObamaFY2010-FY2017−4.91%
Donald Trump (1st term)FY2018-FY2021−8.63%
Joe BidenFY2022-FY2025−5.83%

Inflation

Average annual rise in consumer prices (CPI-U) from January of the first year to January after leaving.

Democratic president Republican president Term in progress

0%1%2%3%4%5%Ronald Reagan (Republican), 1981–1989: 4.2%Reagan (R)1981–19894.2%George H.W. Bush (Republican), 1989–1993: 4.2%Bush (R)1989–19934.2%Bill Clinton (Democrat), 1993–2001: 2.6%Clinton (D)1993–20012.6%George W. Bush (Republican), 2001–2009: 2.4%W. Bush (R)2001–20092.4%Barack Obama (Democrat), 2009–2017: 1.8%Obama (D)2009–20171.8%Donald Trump (1st term) (Republican), 2017–2021: 1.9%Trump I (R)2017–20211.9%Joe Biden (Democrat), 2021–2025: 5.0%Biden (D)2021–20255.0%Donald Trump (2nd term, to date) (Republican), 2025–now: 3.0%Trump II (R)2025–now3.0%
0%2%4%6%Ronald Reagan (Republican), 1981–1989: 4.2%Reagan (R) 1981–19894.2%George H.W. Bush (Republican), 1989–1993: 4.2%Bush (R) 1989–19934.2%Bill Clinton (Democrat), 1993–2001: 2.6%Clinton (D) 1993–20012.6%George W. Bush (Republican), 2001–2009: 2.4%W. Bush (R) 2001–20092.4%Barack Obama (Democrat), 2009–2017: 1.8%Obama (D) 2009–20171.8%Donald Trump (1st term) (Republican), 2017–2021: 1.9%Trump I (R) 2017–20211.9%Joe Biden (Democrat), 2021–2025: 5.0%Biden (D) 2021–20255.0%Donald Trump (2nd term, to date) (Republican), 2025–now: 3.0%Trump II (R) 2025–now3.0%

Biden's term had the highest inflation in this period, driven by pandemic supply shocks, energy prices after Russia invaded Ukraine, and strong demand. Reagan took office with inflation near 12% a year and left with it around 4.5%.

Show the numbers
PresidentPeriodInflation per year
Ronald ReaganJan 1981 - Jan 19894.20%
George H.W. BushJan 1989 - Jan 19934.19%
Bill ClintonJan 1993 - Jan 20012.62%
George W. BushJan 2001 - Jan 20092.38%
Barack ObamaJan 2009 - Jan 20171.76%
Donald Trump (1st term)Jan 2017 - Jan 20211.90%
Joe BidenJan 2021 - Jan 20254.97%
Donald Trump (2nd term, to date)Jan 2025 - Aug 20262.98%

Manufacturing jobs

Change in manufacturing employment over each presidency.

Democratic president Republican president Term in progress

-5M-4M-3M-2M-1M0M1MRonald Reagan (Republican), 1981–1989: −582KReagan (R)1981–1989−582KGeorge H.W. Bush (Republican), 1989–1993: −1.27MBush (R)1989–1993−1.27MBill Clinton (Democrat), 1993–2001: +315KClinton (D)1993–2001+315KGeorge W. Bush (Republican), 2001–2009: −4.55MW. Bush (R)2001–2009−4.55MBarack Obama (Democrat), 2009–2017: −218KObama (D)2009–2017−218KDonald Trump (1st term) (Republican), 2017–2021: −192KTrump I (R)2017–2021−192KJoe Biden (Democrat), 2021–2025: +531KBiden (D)2021–2025+531KDonald Trump (2nd term, to date) (Republican), 2025–now: −35KTrump II (R)2025–now−35K
-6M-4M-2M0M2MRonald Reagan (Republican), 1981–1989: −582KReagan (R) 1981–1989−582KGeorge H.W. Bush (Republican), 1989–1993: −1.27MBush (R) 1989–1993−1.27MBill Clinton (Democrat), 1993–2001: +315KClinton (D) 1993–2001+315KGeorge W. Bush (Republican), 2001–2009: −4.55MW. Bush (R) 2001–2009−4.55MBarack Obama (Democrat), 2009–2017: −218KObama (D) 2009–2017−218KDonald Trump (1st term) (Republican), 2017–2021: −192KTrump I (R) 2017–2021−192KJoe Biden (Democrat), 2021–2025: +531KBiden (D) 2021–2025+531KDonald Trump (2nd term, to date) (Republican), 2025–now: −35KTrump II (R) 2025–now−35K

Most of the 2000s losses came as China joined the World Trade Organization and automation spread, followed by the 2008 crisis.

Show the numbers
PresidentPeriodManufacturing jobs change
Ronald ReaganJan 1981 - Jan 1989-582,000
George H.W. BushJan 1989 - Jan 1993-1,267,000
Bill ClintonJan 1993 - Jan 2001+315,000
George W. BushJan 2001 - Jan 2009-4,553,000
Barack ObamaJan 2009 - Jan 2017-218,000
Donald Trump (1st term)Jan 2017 - Jan 2021-192,000
Joe BidenJan 2021 - Jan 2025+531,000
Donald Trump (2nd term, to date)Jan 2025 - Aug 2026-35,000

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Presidents do not run the economy. Congress writes the budget, the Federal Reserve sets interest rates, and global events such as oil shocks, wars and pandemics matter as much as anything in the White House. Policies also take time to work, so a president's record partly reflects a predecessor's decisions.

Timing matters too. Obama took office in the middle of the 2008 financial crisis, Trump's first term ended in the pandemic, and Biden's began with a rebound as the economy reopened. Clinton governed with a Republican Congress for six years, and Reagan with a Democratic House. With only eight presidencies, a single crisis can swing a party's average.

Economists Alan Blinder and Mark Watson of Princeton found that the economy grew about 1.8 percentage points a year faster under Democrats from 1949 to 2013, a gap too large to be chance. But they concluded it was driven mostly by good luck, such as oil prices, productivity gains and consumer confidence, and not by Democratic fiscal or monetary policy. Writing for the American Institute for Economic Research, economist James Caton argues that institutions such as property rights and limits on government shape prosperity more than any one president can.

Two measurement notes: dollar figures for debt are not adjusted for inflation, which makes recent presidents look larger, so the page also shows debt as a share of GDP. And jobs and GDP figures are revised over time; these are the latest official values as of September 2026.

Sources and method

  • Jobs, unemployment, manufacturing, inflation: U.S. Bureau of Labor Statistics, series CES0000000001, LNS14000000, CES3000000001 and CPI-U (seasonally adjusted). Retrieved through the Federal Reserve Bank of St. Louis (FRED), which republishes BLS data unchanged. bls.gov
  • Recessions: National Bureau of Economic Research, US Business Cycle Expansions and Contractions. nber.org
  • Debt: U.S. Treasury, Debt to the Penny and total public debt outstanding (quarterly), and debt as a share of GDP. fiscaldata.treasury.gov
  • Deficits and GDP: Office of Management and Budget and Bureau of Economic Analysis, via FRED (FYFSGDA188S, GDPC1). fred.stlouisfed.org
  • Stocks: S&P 500 closing values on inauguration days (or the last trading day before), checked against FRED and Robert Shiller's monthly data. See also Macrotrends: S&P 500 performance by president.
  • Research: Alan S. Blinder and Mark W. Watson, Presidents and the U.S. Economy: An Econometric Exploration (NBER, 2014; American Economic Review, 2016). James L. Caton, Trump's Economy? (AIER, 2018).

Data current through: jobs and unemployment, August 2026; GDP, second quarter 2026; debt, Sept. 29, 2026; S&P 500, Sept. 29, 2026. Hover or tap any bar to see its value.