The economic outlook is bleak. There is no way around it.
It's hard to believe that only yesterday, prior to Obama's speech, there was speculation about whether Obama would hint at all the good news to be released on Friday.
As it turns out, the news is awful.
From Reuters:
Jobs growth slowed sharply in August, setting the stage for the Federal Reserve to pump additional money into the sluggish economy next week and dealing a blow to President Barack Obama as he seeks re-election.
Nonfarm payrolls increased only 96,000 last month, the Labor Department said on Friday, below what would normally be needed to put a dent in the jobless rate.
While the unemployment rate did drop to 8.1 percent from 8.3 percent in July, that was only because many Americans gave up the hunt for work. The survey of households from which the jobless rate is derived actually showed a drop in employment.
"The economy is crawling up the down escalator and today's report can only give ammunition to the activist members of the Fed board to loosen monetary policy further next week," said Patrick O'Keefe, head of economic research at J.H. Cohn in Roseland, New Jersey.
The lackluster report piled pressure on Obama ahead of the November vote in which the health of the economy looms large.
"The jobs numbers were very disappointing," Republican presidential nominee Mitt Romney told reporters in Sergeant Bluff, Iowa. "Seeing that kind of report is obviously disheartening for the American people who need work and are having a hard time finding work."
Wake up, Obama supporters!
We desperately need change in leadership.
This is no economic recovery. Obama's policies have not worked.
The scary thing is he claims they have.
Raising taxes during a struggling economy is suicide.
Time is up, Mr. President. More of the same is not good enough. This isn't an incomplete, it's an F.
— Reince Priebus (@Reince) September 7, 2012
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