The next to last jobs report prior to the November Election held grim news for the Obama administration:
Disaster! Only 96,000 Jobs Added in August
Forget last night’s speech. Forget Clinton’s speech. Forget Romney’s speech. This is what could decide the election.
The economy added only 96,000 jobs in August, the Labor Department just announced, well below the 150,000 or so needed just to keep pace with growth in the work force. Unemployment declined from 8.3 percent to 8.1 percent, but that’s only because people are giving up searching for jobs and leaving the workforce. Since they’re no longer counted, the percent of unemployed declined.
…What’s more, the last few months’ numbers were revised downward. The economy added 141,000 jobs in July compared to the initial report of 163,000, and the lousy June report of 64,000 jobs was cut to 45,000.
And, whoops, manufacturers shed 15,000 jobs, the biggest loss in two years, with more than half the pink slips being handed out in the auto sector. LINK
Note that last figure – 15,000 thousand jobs lost in the manufacturing sector – largest decline in two years. Many of those are union workers. And some of those might find themselves sharing much in common with the old Reagan-Democrats of the 1980s who helped give Ronald Reagan massive and historic electoral victories in two presidential elections.
Democrats had a few days to pretend otherwise, to cheer and clap, and deny God three times – but the reality remains. Under Barack Obama, the American economy sucks. -UM