The June jobs report — 80,000 jobs added in the month and an unemployment rate of 8.2 percent — is full of bad news for President Obama as he seeks to make the case to the American electorate that the economy is slowly but surely improving.
The politics of the economy are heavily dependent on
perception and that perception is heavily driven by the unemployment
rate. (Economists roll their eyes at using such a simplistic measure to
gauge the relative health of the economy but — and we can’t believe we
are writing this — it is what it is.)
That’s why this chart — detailing the unemployment rate since
President Obama is so incredibly important to his re-election
RELATED IN WaPo:
President Obama’s troubling trend line on jobs
The news from the Bureau of Labor Statistics this morning that the economy added just 80,000 jobs in June and the unemployment rate stayed stuck at 8.2 percent suggests
that any hope that President Obama will be able to run for reelection
bolstered by an improving financial picture is rapidly disappearing.