Jobs – A Critical Number For Obama

WELCOME TO JOBS DAY: CRITICAL NUMBER FOR OBAMA – POLITICO’s Ben White (yeah, him) in a curtain raiser this a.m.: “President Barack Obama will start the second day of his Rust Belt bus tour Friday with another critical economic report card, courtesy of the latest monthly jobs report that arrives at 8:30 a.m. … Wall Street analysts expect the economy added close to 100,000 jobs last month. That would be an improvement over a weak 69,000 in May, but not enough to [lower] an 8.2 percent unemployment rate that stands as the single biggest obstacle to Obama’s re-election. No president since World War II has won re-election with a jobless rate over 7.4 percent, a figure Obama is unlikely to reach no matter what number the government reports Friday. … “Obama is quickly running out of time to bring the jobless rate down with just five reports-including Friday’s-before the election. The report takes on added importance as it will help set impressions of the economic trend heading in the summer vacation season, when voters tend to tune out. Voters also tend to react to conditions on the ground rather than any single headline jobs numbers. And it takes time for a even a very strong jobs report to translate into more steady paychecks and increased consumer spending and confidence, making Obama’s time-table even shorter.”