Hate to Rain on Obama’s Coronation Some More But the Outlook’s Grim for August Jobs Report

Posted by on Sep 05, 2012 at 2:02 pm
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After his failed convention comes to a crashing end tomorrow, the beleaguered Obama will get another slap in the face come Friday morning, if expectations hold.

Talk about a week-long media hard-on petering out.

The stakes are high and the forecast is gloomy, ahead of the August jobs report scheduled to be released Friday by the Labor Department.

A month ago, that report showed businesses added 163,000 jobs in July. Job gains at that level were the strongest in five months, but still were not robust enough to keep up with population growth. The unemployment rate ticked up to 8.3%.

Unfortunately, August doesn’t look like it fared much better.

Employers probably added about 120,000 jobs, keeping the unemployment rate at its current level, according to economists surveyed by CNNMoney.

They eventually get to the sorrowful news about how poorly this reflects on the Empty Chair.

Meanwhile, job growth around 120,000 is also unlikely to give President Obama a boost before the election. There are only three more monthly jobs reports scheduled before the election, and while Obama is close to breaking even on jobs, it’s highly unlikely the unemployment rate will fall below 8% by then.

“The soft economic environment that we’re having, is not going to be good for any incumbent,” said Sam Bullard, Wells Fargo senior economist. “It’s a tough sell for anyone in office.”

Wait, close to breaking even? Is that how low the bar has been set? What happened to those mythical 4.5 million jobs his talking heads are babbling about.

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3 Responses to “Hate to Rain on Obama’s Coronation Some More But the Outlook’s Grim for August Jobs Report”

  1. Blue Hen on 5/05/12 at 3:03 pm

    And notice that the new normal ignores those that have given up, the record numbers on disability and the relatively poor quality of the jobs being generated. Any of these would have been mortal sins, if the incumbent were Booooooooooooosh.

  2. Steph on 5/05/12 at 3:14 pm

    Love how the media is waiting for the DNC to wrap up before burying the job report on a Friday afternoon.