Good morning folks -
Just 80,000 jobs created. OUCH. The 2nd quarter is now officially the weakest jobs quarter in 2 years. "A very disappointing report for the Obama Administration and the country," reported NBC's John Harwood on Squawk Box. Mark Zandi, who predicted a "much stronger gain in June" and an "upside surprise," looked stunned as he listened to Harwood make his way through the numbers. President Obama is on a bus tour, hopping far bar to bar, diner to diner trying to explain why his policies haven't created jobs.
In Monday's Buzz, we wrote: "A lackluster jobs number - below 150,000 jobs created - would politically prolong the continued doldrums of the Obama economy. Remember, not one president since World War II has won re-election with a jobless rate above 7.4%. Washington may be may be buzzing with theory after theory about the ObamaCare ruling, but when push comes to shove, it is going to be the economy that's driving the election."
Americans are drowing in the ObamaEconomy. The economy requires between 100,000 and 125,000 new jobs per month to keep pace with the growing labor market - and right now we aren't even breaking even.
The Obama campaign has called his Rust-Belt Bus trip the, "Betting on America Tour." Everyone, everyone would bet on America. The real question that voters face is whether they will bet on Barack Obama to lead America, and reports like the one released today make that bet one that fewer Americans are willing to make.
Douglas Holtz Eakin points out that this report is the 3rd consecutive disappointment. From awful to weak to disappointing.
BARRONS: Disappointed Again - "Economic data just can’t seem to stop disappointing these days. The U.S. economy added just 80,000 new jobs in June, the Labor Department said Friday in its nonfarm payroll report. Economists surveyed by both Bloomberg and MarketWatch had expected gains of 100,000, and expected the unemployment rate to hold steady at 8.2%, which it did."
John Crudele in the NY POST: Wall Street is expecting to see job growth of 100,000 when the June figure is announced Friday at 8:30 a.m. That’s pathetic growth by historical standards, but it would be much better than the 69,000 new jobs that appeared in May."
YG's TAKE: Falling short of pathetic growth is.... well pathetic.
Reuters nailed it, prior to the numbers: “Job creation slowed for four straight months through May. Part of the slowdown could be because mild weather led companies to boost hiring in the winter at spring's expense. But recent weakness in everything from retail sales to business sentiment suggests something more fundamental is at play.”
NY Times Nate Silver explains how to measure the effect of the economy on elections....
Romney sets fundraising record, via Mike Allen
THIS IS JUST A TEST: Mitt Romney's campaign is pretending Saturday is the day before Election
An Ominous Sign for Obama in the Buckeye State: The Obama campaign's state director for Ohio has stepped down as a Democratic Party county chair amid a probe of improper payments to a fundraiser, the Columbus Dispatch reports.
Obama Spokesman Ben Labolt: Worthy of a 10 from the Russian Judge gave him 10 on the old lie detector meter .
TURN OFF THAT NOISE! Suprise, Obama hates Fox News.
Maybe he just doesn't want it enough: Obama declines offer to arm wrestle Ohio man for his vote
God Knows What Can Come of this poorly thought out contest: WIN A CUP OF COFFEE WITH JOE BIDEN
YG'S TAKE: Please tell us this is being filmed!?!?!
Charlotte Observer reports that Paul Ryan Endorses Richard Hudson in NC- 08: "Ryan, the chief architect of the GOP budget and a potential vice presidential candidate, said Hudson “will make the tough decisions necessary to put this nation back on the road to prosperity.' Richard understands the need to cut spending, reform government and balance the federal budget,” Ryan said. “He'll combat crony capitalism and help restore America's commitment to free enterprise.''
MIA LOVE – CONSERVATIVE: Wherever she goes, Republican candidate Mia Love says her top priority as a member of Congress would be balancing the federal budget. Everything else is "remodeling the kitchen when the house is on fire. To do that, she has offered a detailed blueprint of deep cuts to federal programs totaling more than $750 billion…" via Salt Lake Tribune
Embattled CT Speaker and Dem House Candidate Chris Donovan conducts investigation of self, finds self innocent.
Our Favorite Headline, from the Waterbury Observer: Twardy Report Exonerates Chris Donovan, Report Financed By Donovan
It's those damn pesky questions: Stark doubts he'll debate, cites 'stupid questions.'
Is Nancy Pelosi becoming embroiled in a taxpayer funds scandal?
YG's Note: We hope Rep. Jackson's health is ok after yesterday's news.
THIS & THAT
NYDN: Hey Bloomberg, Why not Ban beer? (Don't worry, they're kidding - Keep Calm and Carry On)
And via Buzzfeed: 14 of the craziest shots, brought to you by Jose Cuervo.
Seize the day, enjoy the weekend....
Senior Advisor- YG Action Fund