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.
In December 2007, Money Magazine estimated Obama's net worth at $1.3 million (equivalent to $1.6 million in 2019) . Their 2009 tax return showed a household income of $5.5 million—up from about $4.2 million in 2007 and $1.6 million in 2005—mostly from sales of his books. On his 2010 income of $1.7 million, he gave 14% to non-profit organizations, including $131,000 to Fisher House Foundation, a charity assisting wounded veterans' families, allowing them to reside near where the veteran is receiving medical treatments. Per his 2012 financial disclosure, Obama may be worth as much as $10 million.
More InfoObama intervened in the troubled automotive industry in March 2009, renewing loans for General Motors and Chrysler to continue operations while reorganizing. Over the following months the White House set terms for both firms' bankruptcies, including the sale of Chrysler to Italian automaker Fiat and a reorganization of GM giving the U.S. government a temporary 60% equity stake in the company, with the Canadian government taking a 12% stake. In June 2009, dissatisfied with the pace of economic stimulus, Obama called on his cabinet to accelerate the investment. He signed into law the Car Allowance Rebate System, known colloquially as "Cash for Clunkers," which temporarily boosted the economy.
More InfoThe inauguration of Barack Obama as the 44th President took place on January 20, 2009. In his first few days in office, Obama issued executive orders and presidential memoranda directing the U.S. military to develop plans to withdraw troops from Iraq. He ordered the closing of the Guantanamo Bay detention camp, but Congress prevented the closure by refusing to appropriate the required funds and preventing moving any Guantanamo detainee into the U.S. or to other countries. Obama reduced the secrecy given to presidential records. He also revoked President George W. Bush's restoration of President Ronald Reagan's Mexico City policy prohibiting federal aid to international family planning organizations that perform or provide counseling about abortion.
More InfoObama met Trinity United Church of Christ pastor Jeremiah Wright in October 1987 and became a member of Trinity in 1992. During Obama's first presidential campaign in May 2008, he resigned from Trinity after some of Wright's statements were criticized. Since moving to Washington, D.C., in 2009, the Obama family has attended several Protestant churches, including Shiloh Baptist Church and St. John's Episcopal Church, as well as Evergreen Chapel at Camp David, but the members of the family do not attend church on a regular basis.
More InfoOn August 23, Obama announced his selection of Delaware Senator Joe Biden as his vice presidential running mate. Obama selected Biden from a field speculated to include former Indiana Governor and Senator Evan Bayh and Virginia Governor Tim Kaine. At the Democratic National Convention in Denver, Colorado, Hillary Clinton called for her supporters to endorse Obama, and she and Bill Clinton gave convention speeches in his support. Obama delivered his acceptance speech, not at the center where the Democratic National Convention was held, but at Invesco Field at Mile High to a crowd of approximately 84,000 people; the speech was viewed by over 38 million people worldwide.
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