In the eight years since President Barack Obama was elected, over 15 million jobs have been created, and the unemployment rate -- at 10 percent in January 2008 -- now rests securely below 5 percent. And for the final week of 2016, the jobless rate has fallen to a near-43-year low: 235,000.
According to Reuters, the estimate for the jobless claims for the week ending Dec. 31 was 260,000, CNBC reported. However, the weekly total released by the U.S. Labor Department dropped 28,000 below -- to a seasonally adjusted 235,000.
"Anyone claiming that America's economy is in decline is peddling fiction," Obama said in October, notes CNN.
However, with President-elect Donald Trump on his way to the Oval Office, the American economy has an unknown future.
"Trumpism is the first real threat to American innovation & economic dynamism in my life," Richard Florida, director of the Martin Prosperity Institute at the University of Toronto, tweeted on Jan. 5.
Outlining his fears, Florida continued:
There are three keys to American innovation & dynamism: openness to talent, clustering of innovative startups & dynamic cities.Together, they are the fundaments of what I call urbanized knowledge capitalism. Trumpism is an attack on all 3: immigration, tech dynamism & cities (esp with local pre-emeption). Trumpism emphasizes closed borders, global immobility & sees cities as bastions of liberalism ...to be combatted. Jane Jacobs says Dark Ages come on in radical jolt. Trumpism can eradicate the fundaments of American dynamism just as quickly. Trumpism emphasize takers or makers. It sees wealth accumulation as extractive & zero sum, something the "strong" take from the less so, globally & domestically. I am not an alarmist, but this is the 1st time I am genuinely concerned the long era of American dynamism could be over. America still has many innovation advantages, but they can erode very quickly over 4-8 years of full Trumpism ... I'm worried …
CNBC reports that the four-week average of "continued" jobless claims increased to 2.07 million.