JUNE AND JULY BOTH REVISED DOWN. This economy just is not very good and is not getting any better. Bad day for Obama—
Ben White (@morningmoneyben) September 07, 2012
A bad ending for President Obama and the DNC’s bad week:
Obama knew that the numbers would be this bad while he was giving his speech.—
John Dickerson (@jdickerson) September 07, 2012
Colleague notes: "Both the civilian labor force (154.6 million) and the labor force participation rate (63.5 percent) declined in August."—
Heidi N. Moore (@moorehn) September 07, 2012
Santelli inspiring groans on CNBC predicting that unemployment will drop to 7.9 for the election.—
Noah Rothman (@noah_c_rothman) September 07, 2012
Team Romney reacts:
Gobsmacking spin from the Dems. This is from the same WH operative who attacked Ann Romney for not being part of the workforce:
Spin, lapdoggies, spin:
Now comes my favorite part of first Friday, when Dems spin 8+ percent unemployment as good news.—
Gabriel Malor (@gabrielmalor) September 07, 2012
Problem for Obama campaign is if it tries to spin drop in unemployment rate, which is the obvious play, it will look delusional—
John Podhoretz (@jpodhoretz) September 07, 2012
Easier to spin fall in unemployment rate than lower than expected job growth.—
Patrix (@patrix) September 07, 2012
Jobs growth slowed more than expected 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 Obama as he seeks reelection in November.
Nonfarm payrolls increased only 96,000 last month, the Labor Department said on Friday. While the unemployment rate dropped to 8.1 percent from 8.3 percent in July, it was largely due to Americans giving up the search for work.
The report’s weak tenor was also underscored by revisions to June and July data to show 41,000 fewer jobs created than previously reported. The labor force participation rate, or the percentage of Americans who either have a job or are looking for one, fell to 63.5 percent — the lowest since September 1981.
The lackluster report keeps the pressure on Obama ahead of the November vote in which the health of the economy looms large.
Economists polled by Reuters had expected payrolls to rise 125,000 last month, but some had pushed their forecasts higher after upbeat data on Thursday.
The economy has experienced three years of growth since the 2007-09 recession, but the expansion has been grudging and the jobless rate has held above 8 percent for more than three years — the longest stretch since the Great Depression.
Quite dismal employment report confirming anemic US economic growth. QE3 is only a matter of when not whether, most likely in December—
Nouriel Roubini (@Nouriel) September 07, 2012
Forget the MSM “fact-checkers.” Twitter’s got all the reality check you need:
43 straight months of 8%+ unemployment—
James Pethokoukis (@JimPethokoukis) September 07, 2012
Clinton talks about arithmetic. Here's some: Obama said unemployment would be 5.3% by now. It's actually 8.1%. He's off by 35%.—
Luke Londo (@llondo) September 07, 2012
If last night was the party, this morning is the hangover. 43 straight months of unemployment above 8%. America deserves better.—
Mitt Romney (@MittRomney) September 07, 2012
And a much-needed reminder:
In these job numbers are people you know. They needed help yesterday. They need your friendship and your prayers, today.—
Ginny (@ginthegin) September 07, 2012