As it did throughout 2008, the unemployment rate rose in 2009, reaching a peak in October at 10.0% and averaging 10.0% in the fourth quarter. Following a decrease to 9.7% in the first quarter of 2010, the unemployment rate fell to 9.6% in the second quarter, where it remained for the rest of the year. Between February and December 2010, employment rose by 0.8%, which was less than the average of 1.9% experienced during comparable periods in the past four employment recoveries. By November 2012, the unemployment rate fell to 7.7%, decreasing to 6.7% in the last month of 2013. During 2014, the unemployment rate continued to decline, falling to 6.3% in the first quarter. GDP growth returned in the third quarter of 2009, expanding at a rate of 1.6%, followed by a 5.0% increase in the fourth quarter. Growth continued in 2010, posting an increase of 3.7% in the first quarter, with lesser gains throughout the rest of the year. In July 2010, the Federal Reserve noted that economic activity continued to increase, but its pace had slowed, and chairman Ben Bernanke said the economic outlook was "unusually uncertain." Overall, the economy expanded at a rate of 2.9% in 2010.
John McCain was nominated as the Republican candidate, and he selected Sarah Palin as his running mate. The two candidates engaged in three presidential debates in September and October 2008. On November 4, Obama won the presidency with 365 electoral votes to 173 received by McCain. Obama won 52.9% of the popular vote to McCain's 45.7%. He became the first African American to be elected president. Obama delivered his victory speech before hundreds of thousands of supporters in Chicago's Grant Park.
More InfoHe joined Davis, Miner, Barnhill & Galland, a 13-attorney law firm specializing in civil rights litigation and neighborhood economic development, where he was an associate for three years from 1993 to 1996, then of counsel from 1996 to 2004. In 1994, he was listed as one of the lawyers in Buycks-Roberson v. Citibank Fed. Sav. Bank, 94 C 4094 (N.D. Ill.). This class action lawsuit was filed in 1994 with Selma Buycks-Roberson as lead plaintiff and alleged that Citibank Federal Savings Bank had engaged in practices forbidden under the Equal Credit Opportunity Act and the Fair Housing Act. The case was settled out of court. Final judgment was issued on May 13, 1998, with Citibank Federal Savings Bank agreeing to pay attorney fees. His law license became inactive in 2007.
More InfoLater in 2007, Obama sponsored an amendment to the Defense Authorization Act to add safeguards for personality-disorder military discharges. This amendment passed the full Senate in the spring of 2008. He sponsored the Iran Sanctions Enabling Act supporting divestment of state pension funds from Iran's oil and gas industry, which was never enacted but later incorporated in the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010; and co-sponsored legislation to reduce risks of nuclear terrorism. Obama also sponsored a Senate amendment to the State Children's Health Insurance Program, providing one year of job protection for family members caring for soldiers with combat-related injuries.
More InfoDespite being offered a full scholarship to Northwestern University School of Law, Obama enrolled at Harvard Law School in the fall of 1988, living in nearby Somerville, Massachusetts. He was selected as an editor of the Harvard Law Review at the end of his first year, president of the journal in his second year, and research assistant to the constitutional scholar Laurence Tribe while at Harvard for two years. During his summers, he returned to Chicago, where he worked as a summer associate at the law firms of Sidley Austin in 1989 and Hopkins & Sutter in 1990. After graduating with a JD degree magna cum laude from Harvard in 1991, he returned to Chicago. Obama's election as the first black president of the Harvard Law Review gained national media attention and led to a publishing contract and advance for a book about race relations, which evolved into a personal memoir. The manuscript was published in mid-1995 as Dreams from My Father.
More InfoAs it did throughout 2008, the unemployment rate rose in 2009, reaching a peak in October at 10.0% and averaging 10.0% in the fourth quarter. Following a decrease to 9.7% in the first quarter of 2010, the unemployment rate fell to 9.6% in the second quarter, where it remained for the rest of the year. Between February and December 2010, employment rose by 0.8%, which was less than the average of 1.9% experienced during comparable periods in the past four employment recoveries. By November 2012, the unemployment rate fell to 7.7%, decreasing to 6.7% in the last month of 2013. During 2014, the unemployment rate continued to decline, falling to 6.3% in the first quarter. GDP growth returned in the third quarter of 2009, expanding at a rate of 1.6%, followed by a 5.0% increase in the fourth quarter. Growth continued in 2010, posting an increase of 3.7% in the first quarter, with lesser gains throughout the rest of the year. In July 2010, the Federal Reserve noted that economic activity continued to increase, but its pace had slowed, and chairman Ben Bernanke said the economic outlook was "unusually uncertain." Overall, the economy expanded at a rate of 2.9% in 2010.
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