Posted on 07/03/2012 9:10:45 AM PDT by SeekAndFind
China's economy is cooling off, the euro crisis has given investors the heebie jeebies, and US manufacturing contracted for the first time in 3 years in June.
All this adds up to bad news for the president and for America.
The reports, just four months before voters cast their ballots in the presidential election, come amid a wave of bad news on the global economy, which is seen by both the White House and President Obama's critics as the most potent threat to his chances of securing a second term in office.
China's economy, which helped pull the world out of recession, is slowing dramatically, while the European debt crisis continues to bite at the American recovery. The White House is bracing for the June jobs report on Friday, which economists expect will show gains of roughly 100,000 - not enough to stifle unemployment.
Manufacturing had been a key component of job growth earlier this year, but the index from the Institute for Supply Management (ISM) found national factory activity fell in June to 49.7 from 53.5 the previous month. Any reading below 50 shows a contracting in activity, while a reading of 47 would suggest a recession.
The ISM report shifted attention back to the economy after a period in which Obama has been boosted by the prominence of other issues.
While Republican presidential candidate Mitt Romney views any day where the main subject is not the economy as a lost opportunity, Obama benefits when the subject is shifted to other issues that could offer him solider ground - or simply an opportunity to attack his rival.
The last couple of months, economists have been terrible in predicting the number of jobs created.
(Excerpt) Read more at americanthinker.com ...
The best thing Obama has going for his re-election is the opponent he faces, that was picked by the RINO side of the Republican party.
I expect the unexpected. It’ll be unprecedented.
Of course, the terrible numbers will be “unexpected!” What ever happened to jobs that were “saved or created?” And of course, it will be because of the terrible Bush economy he inherited.
Which, when translated, means there will be roughly a net loss of 250,000 jobs......................
Couple of months?.....how about years?....decades even?..............that's why I call them 'Econ-O-Misseds'....................
This is shaping up nicely for the Nov elections.
Even the MSM is sweating the economy.
I saw Steve Liesman on CNBC yesterday getting pretty tongue-tied trying to talk around the ISM report.
Makes no diff -- you could run Bush on the GOP ticket this fall, and Bobo gonna lose. Real people can't take this sh!t any longer...it's that simple.
WAtch, it will actually be BETTER than expected, thus hailing the power of Obama.
Yes, unemployment claims will go up, but the Administration will declare that they created 280,000 jobs or something.
And they will claim it would be even more if they had additional stimulus money to throw at "springtime for hitler" solar power companies with three card monte boxes for desks.
I hope you are right, but we aren’t getting much either.
If the partisan media shills spin any faster, they’ll catch fire.
Thanks SeekAndFind.
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