After the start of the financial crisis in 2008, economists speculated on how long it might take before the economy would be back on track. Fast forward over seven years later and those once unanswerable questions have finally be answered. The January jobs report was released Friday morning, delivering 71 straight months of private sector jobs growth. With a net gain of 151,000 jobs created, the unemployment rate is now at its lowest since the start of 2008, as reported by NBC News on Feb. 5.

Obama's economy

When Barack Obama was elected President of the United States at the back end of 2008, the U.S. economy was losing nearly 800,000 jobs a month. In the months that would follow, the unemployment rate peaked at just under 11 percent. Following a tough battle in Congress with Republicans and some Democrats, Obama's stimulus package (The American Recovery and Reinvestment Act of 2009) was passed through, and the president was set to invest $831 billion into the country.

While the economic recovery has hit bumps along the way, it's come along way since financial collapse, otherwise known as the "Bush recession." Obama responded to the jobs report with much optimism.

"We should be proud of the progress we have made," Obama said, while addressing reporters at a White House press briefing. "We have recovered from the worst economic crisis since the 1930s."

With an unemployment rate currently sitting at just 4.9 percent, over nine million jobs have been created during the Obama administration. Depending on the data, as many as 14 million jobs have been produced by private businesses since Obama's inauguration.

Another sign of improvement is in wage growth, which increased by 2.5 percent in 2015, with the final six months being the fastest growth since before the financial collapse.

Still work to be done

Most economists acknowledge that the economy is headed in the right direction, though there are still holes that need to be filled. In January, jobs in the warehouse industry, private education and oil industry were lost.

In addition, the hard drop in oil prices has hurt the country's energy sector, with over 150,000 jobs lost in the field since the fall of 2014. With less than a year until 2016 election, the economy will be a strong talking point for the Democratic party, while the GOP is expected to downplay the improvement.

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