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Friday, July 6, 2012

WaPo: June jobs report full of bad news for Pres. Obama

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 prospects.



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.

For Obama, a jobs report that keeps stinging

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