Oh please - a death blow?
If the August and September numbers are similar, then this July number will matter as one of a series (although there are many many other things which will also decide this race, some of which we don't even know about yet).
If the next months are better, July will not matter. This one month by itself is meaningless.
It isn't just one month or one number. Look at the trend. And it won't improve as long as the oil prices stay high. I'm not saying it's Bushs fault, I'm saying all of these things coming together are, like it or not, VERY BAD news for Bush.
Last month was 78,000. Its already two months in a row. and gas prices which caused some of the decline in growth of jobs are now back at the highest level ever, suggesting August is going to be the pits as well. During the Spring Bush was getting 250,000-350,000 new jobs a month for three or four months in a row. That was good news. This is not.