Friday, July 6, 2012
Four more chances.
That’s what President Obama’s got left to prove he’s helped turn the economy around — with just four more monthly jobs reports remaining before the November election. Those reports could determine whether he gets four more years.
The last three employment snapshots released by the Labor Department have been persistently weak, and marked a distinct slowdown from earlier in the year. In the latest report, the department said employers added a meager 80,000 jobs in June, leaving the unemployment rate unchanged at 8.2 percent. The number of jobs added in June was lower than expected, and rounded out a poor second quarter for 2012.
The average number of monthly jobs created in the first quarter of the year was 226,000 — by contrast, that average in the second quarter was just 75,000.
With the economy typically polling as the top issue in the 2012 race, Obama is now under heavy pressure to demonstrate a turnaround sometime between July and October. A cascade of weak jobs reports between now and then would not bode well for his chances, though the president thus far has kept the edge over Mitt Romney in many battleground state polls.
This article was posted: Friday, July 6, 2012 at 7:17 am