The job report for the month of August was released Friday (Sept. 7), and the numbers are not looking good. A dismal 96,000 jobs were created, falling short of the expecting 125,000, predicted by economists. The unemployment rate dropped to 8.1 percent from 8.3. in the previous month, but the figures were likely due to the number of Americans who have stopped looking for work.
“Some workers who have exhausted their unemployment benefits or remained jobless for a more than half a year gave up their search for work and dropped out of the workforce,” noted Gary Burtless, senior fellow of the Brookings Institution, a Washington D.C.-based non nonprofit public policy organization.
Coming off the president's strong speech at the Democratic National Convention, the report offers a marginal blow to the Obama Administration. While the president was aware of the numbers during his address Thursday (Sept. 6), he may have used the information to drive his remarks on moving the country forward. “The interesting thing after two conventions is, you get the sense that people love Barack Obama, and Republicans are in an arranged marriage with Mitt Romney,” said ABC political analyst, Matt Dowd.
Romney also offered up his opinion on how the numbers became a bookend for the DNC. “If last night was the party, this morning is the hangover,” he said in a statement.
A president has not been re-elected with such a high unemployment rate since Franklin D. Roosevelt, but that doesn't necessarily mean that Obama is down for the count. Romney is seen as being out of touch with average voters, which may hinder his White House bid.
MORE ON HIP-HOP WIRED!
• Beyoncé's 12 Best Hip-Hop Collaborations [LISTEN]