The Obama economy continues to under perform as the American unemployment rate decreases to 8.1 per cent.
The nation’s economy added 115,00 jobs in April while the unemployment rate dropped one-tenth of a point to 8.1 percent, according to a report released Friday—the day before President Obama officially launches his campaign.
The figures from the Bureau of Labor Statistics are lower than a month ago and were also below what many analysts had expected. They also showed the nation’s labor participation rate dropping to a 30-year low of 63.6 percent, suggesting workers continue to leave the labor force because their job prospects are so grim.
The dismal numbers add to the sense that the labor market is cooling down after months of stronger growth, and come as unwelcome news for Obama, whose campaign launch includes rallies in Virginia and Ohio on Saturday.
Obama’s likely GOP rival Mitt Romney is hammering the president on the economy, which Romney sees as his best argument for reaching the White House.
This is not good news for President Obama especially with his re-election campaign starting tomorrow.
Look for Romney to seize the opportunity and begin to run economic-centric ads in key battleground states.