The overall economy lost 95,000 jobs last month, the Labor Department reported, while the private sector gained 64,000, a sluggish pace that is slower than expected.
Obama, who speaks on the jobs report this afternoon, will note the private sector increase and say that we are “headed in the right direction” while acknowledging things need to move more quickly.
But this is a disaster for him. It’s the last report before Election Day, and it will cement the perception that all is not well.
Update: Obama’s comments on the figures in Bladensburg, Md.
Yes, the trend line in private sector job growth is moving in the right direction but I’m not interested in trends or figures as much as I am interested in the people behind them . . . the millions of honest, hard working Americans swept up in the one of the most devastating recessions of our lifetimes.