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Impact of weak jobs report on election

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    Political fallout of latest numbers

  • Duration 3:15
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Is now Rick Newman chief business correspondent for US news and world report is also the author of the new book rebounder is.

How winners pivot from setback to success Rick you look at this 96000 jobs created eight point 1% unemployment this can't be the -- -- that the president was -- for.

-- -- and almost like nothing happened in the economy in August -- it just almost fell into a standstill.

And we're probably gonna see the same thing for the rest of the fall you know they're going to be two more jobs reports before the election including one that comes four days before the election.

That's obviously going to be very important and the problem is that companies are just sitting there saying.

We're really -- do anything right now until the election is over and there waiting for the election -- and see who wins and then more importantly figure out what happens with this so called fiscal cliff these tax and spending decisions that need to be made in Washington by the end of the year.

And -- -- some clarity on that they're probably not gonna hire -- -- they really have to do so this is going to be a tough.

Two months leading up to Election Day feel Obama's speech last night Vice President Biden said the country has turned a corner and it sounds more luggage turned -- corner run straight to a wall.

-- you you can change your metaphor here I'm not sure there is a -- look more like a big.

Big on court and we're going around a big -- we keep looking ahead like -- is there something out there and resorting haven't heard yet seen it yet so we're we're making.

You -- progress here and everybody -- knows the average for 2011 -- 139000.

Jobs created every month that that's barely keeping up with population -- right -- that average was higher at the beginning of the year and it's that average has been coming down throughout the course the -- and it's not keeping up with population growth that obviously.

It's as you pointed out before it's odd that the unemployment rate would come down but that's.

For all the wrong reasons as you should because more people aren't even looking for work and people are just dropping out of the labor force.

And we will win a major long term problem here and it's not gonna change much in the next two months politically the president said the other day when asked what -- would give himself on the economy he's an incomplete.

Does this just reinforce that well that's charitable.

Somebody would give him something that's SC or lower I think but.

Mean obviously it isn't complete I mean he keeps saying that the economies created something like four point six million jobs over the last thirty months.

But we're still in the hall compared to where we were the day Obama took office there are fewer jobs now than there were then.

And it is gonna take years for that for that that level of employment to come back and I honestly I don't think it really matters all that much who the president is.

Because an ex president's going to be hand -- By the budget deficit by other problems we know all about.

The big question is will the economy really start to recover for real once those political once the political decisions are kind of behind us or at least there's some clarity so when you look at these numbers who's got -- who's got the more compelling argument to be elected as president President Obama who says anymore time or Mitt Romney who says -- -- plan to fix -- like them but I will tell -- -- the plan at the moment I would say it's leaning Romney's way because we're seeing the economy almost decelerating.

I mean I've seen a couple economists today save these nut job numbers are so low we think -- -- economic growth might actually be close to zero or even negative for the third quarter.

We we won't know that by election today.

But we'll feel it coming people will feel -- all around in the same way they feel everything else that's stagnant about the economy right now so Obama needs things to that he needs a tangible sense that seeing things are improving.

Not just treading water and I'm not sure he's gonna get that by election Rick Newman good to talk to thanks recommends that.

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