What were the key economic indicators when Biden left office in January 2025?

1. Headline growth and jobs: steady but not booming

By the end of the Biden term, headline GDP growth and the labor market were among the administration’s strongest selling points: Q4 real GDP growth was around 2.4% and the unemployment rate in December was about 4.1%, signaling continued expansion and a still‑tight labor market ^[1]. Other observers echoed the sense of “solid” growth and notable job gains—for example, private‑sector hiring and multi‑year stock market returns were cited as part of the broader picture ^{[4] [5]}. These data underpinned claims that the economy was on “strong footing” even as some forecasters warned of emerging weaknesses ^{[6] [5]}.

2. Inflation: improved from its 2022 peak but still elevated

Inflation had declined substantially from the 2022 peak—one account put headline inflation at roughly 3% in January 2025—yet many analysts noted that inflation had not been fully vanquished and rose again in early 2025 in month‑to‑month readings ^{[6] [1]}. Health‑sector and producer price briefs pointed to year‑over‑year CPI near the upper‑2% range (about 2.9%) and PPI around 3.3%, evidence that price pressures persisted across sectors as the transition approached ^[2]. Reporters and analysts treated that as a reason for caution: an inflation drop from double digits was real, but the risk of renewed upside pressure remained ^{[6] [2]}.

3. Financial markets and household measures: gains, but uneven distribution

Equities performed strongly across Biden’s term—one tally put total S&P 500 returns including dividends at about 66% from 2021 to mid‑January 2025—highlighting corporate profit and risk‑asset strength as the administration left ^[4]. At the same time, critics and some committee analyses cited weaknesses in household purchasing power and net worth: reporting claimed inflation‑adjusted household net worth remained below pre‑pandemic levels in early 2025, a point used to argue that gains were unevenly shared ^[7]. Thus markets and balance sheets painted a mixed picture: asset owners fared well while real wages and some household wealth measures lagged, according to commentators ^{[7] [4]}.

4. Leading indicators and recession warnings: signals diverging

Composite leading indexes showed signs of softening even as coincident measures remained firmer. The Conference Board’s LEI and other leading gauges were reported near the 101–102 range in December and were cited as having slipped or reversed gains in January, prompting analysts to note growing short‑term uncertainty about momentum ^{[3] [8]}. Independent monthly indicators also described a divergence—leading measures moderating while coincident and lagging indicators stayed steady or improved—fueling debate over whether the economy would slow or remain on track ^{[9] [8]}.

5. What economists and policymakers emphasized — competing narratives

Proponents of the Biden record pointed to real GDP growth over 2024 (e.g., 2.8% for the year in one summary) and the recovery in jobs and markets as evidence of durable gains ^{[6] [4]}. Critics emphasized lingering high inflation relative to pre‑pandemic norms, weak real wages, and declines in inflation‑adjusted household net worth as proof the recovery left vulnerabilities unaddressed ^{[7] [2]}. Transition‑era officials and commentators warned that new policy proposals and external shocks could expose those weak spots, a line emphasized in official and editorial commentary ^{[6] [1]}.

6. Limits of available reporting and what’s not in these sources

Available sources provide multiple headline figures (Q4 GDP, Dec unemployment, S&P returns, CPI/PPI snapshots, LEI values) but do not give a single consolidated “close‑of‑term” table of all indicators. Detailed series on real median wages, regional employment breakdowns, or a month‑by‑month timeline through mid‑January 2025 are not provided in the supplied excerpts; those specifics are “not found in current reporting” here and would require consulting primary BLS, BEA, or Fed releases for full verification (not found in current reporting).

Bottom line: the economy Biden handed off combined respectable GDP and job metrics with clear fault lines—persistent inflation above long‑run targets, mixed signals from leading indicators, and uneven household outcomes—setting up competing narratives about strength versus vulnerability at the January 2025 handoff ^{[1] [2] [3]}.