Tags: Employment | Obama | job | jeopardy

Employment Numbers Put Obama’s Own Job in Jeopardy

By Dan Weil   |   Sunday, 08 Jul 2012 03:56 PM

President Barack Obama’s ability to keep his own position likely depends more on the job prospects of his fellow Americans more than anything else.

And Friday’s employment report for June wasn’t encouraging. Non-farm payrolls gained a paltry 80,000, and the jobless rate stayed at 8.2 percent.

The most ominous historical statistic for Obama may be that Ronald Reagan was the only president since World War II to win re-election with an unemployment rate over 6 percent, as Bloomberg reports. It was 7.2 percent in November 1984.

Obama is trumpeting the fact that the economy has generated 4.4 million jobs in the past 28 months.

But a Moody’s study shows that voters make their choice based only on the last few months before an election, Politico reports.

And the short term has been unkind to Obama, with payrolls increasing only an average of 75,000 during the past three months. That’s a marked slowdown from the 226,000 pace of January through March.

The president may have been disheartened by a June NBC News/Wall Street Journal poll indicating that only 42 percent of voters approved of his economic leadership, while 53 percent disapproved.

“Americans can take some economic pain, but they do not like driving sideways, which is what we appear to be doing now,” James Rickards, chief operating officer at JAC Capital Advisors, tells Politico.

“They like a robust economy. We don’t have one.”

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