As Barack Obama is sworn in today for his second term as President, many people are considering the state of the economy and the influences made by his first term. As independent business owners, many dealers waited to see the 2012 election results in hopes that the outcome would positively impact the economy and their business.
In a recent article on smartblogs.com, it is reported that the U.S. economy is better today than it was in January 2009 at the start of Barack Obama’s first term. While overall the U.S. is doing better, the state of local economies may vary. Here are two economic indicators to look at as Obama enters his second term:
- According to the Bureau of Labor Statistics, when Barack Obama first took office in January 2009, the U.S. unemployment rate was 7.8%. In his first term it jumped to 10% (October 2009). In December 2012 the rate was back to 7.8%. View map of employment rate change by state and county here.
- The U.S. median household income in 2012, according to geographic information systems company Esri, is $50,157. This is down 7.9% from $54,442 in 2010. Esri expects the median household income to increase 13.4% to $56,895 by 2017 as the economy improves. View map of median household income here.
What are your thoughts and hopes based on the statistics above? Where do you see your business at the end of Barack Obama’s second term as President? Share in the comments section below.