Today at the University of Nevada, Las Vegas, President Obama spoke about our economic recovery:
…we had lost nearly three million jobs during the last six months of 2008. The month I was sworn in, January 2009, we lost 750,000 jobs in that month alone. The following month we lost 600,000 jobs. And these were all the consequence of a decade of misguided economic policies — a decade of stagnant wages, a decade of declining incomes, a decade of spiraling deficits.
So our first mission was to break the momentum of the deepest and most vicious recession since the Great Depression. We had to stop the freefall and get the economy and jobs growing again. And digging out of this mess required us taking some tough decisions, and sometimes those decisions were not popular…
Now, as a result of those tough steps that we took, we're in a different place today than we were a year ago. An economy that was shrinking is now growing. We've gained private sector jobs for each of the past six months instead of losing them — almost 600,000 new jobs.
To help visualize the turnaround in the private sector, here is a chart: