Labor Department figures bolstered fears of an economic slowdown –only 69,000 jobs were added in May and the unemployment rate roseto 8.2 percent, numbers that detonated in the middle of acliffhanger US election race. “It is now clear to everyone that President Obama’s policies havefailed to achieve their goals and that the Obama economy iscrushing America’s middle class,” Republican White House candidateRomney said. “The President’s re-election slogan may be ‘forward,’ but it seemslike we’ve been moving backward. We can do so much better inAmerica. That’s why I’m running for president.” Obama, however, hit back in a combative speech, warning thatCongress should immediately pass his job creating plans, for taxbreaks for small businesses, for more teachers and police officersand to put veterans to work. Wall Rendering Machine
“The economy is growing again, but it is not growing as fast as wewant it to,” said Obama, in Golden Valley, Minnesota. “We’ve had a crisis in Europe’s economy that is having an impactworldwide and it’s starting to cast a shadow on our own as well. “So we’ve got a lot of work to do before we get to where we need tobe.” Alan Krueger, chairman of Obama’s Council of Economic Advisers,echoed the same concerns and urged no change in course. “It is critical that we continue the president’s economic policiesthat are helping us dig our way out of the deep hole that wascaused by the severe recession,” Krueger said. Spray Render Machine Manufacturer
But the jobs data will dismay Obama’s campaign team which is lockedin a tight race with Romney ahead of the November 6 election, inwhich the sputtering economic recovery is seen as the Republican’sbest hope of victory. Recent polling shows that while Obama enjoys advantages on foreignpolicy and in his ties to the middle class, Romney is as, or more,trusted for his capacity to improve the US economy — the topelection issue. What may be most damaging is that the data do not appear torepresent a one off downward blip in the unemployment and economicsituation, as fears mount that overseas crises, including inEurope, could spread to the United States. The Labor Department’s figures were well below expectations of anincrease of 150,000 jobs. They represented the smallest increase in new jobs since May 2011and marked the first increase in the unemployment rate since lastJune. Wall Rendering Machine Manufacturer
The Labor Department also slashed its estimate of April job gainsby 33 percent, to 77,000, and lowered its March estimate to143,000. There was further bad news as the Institute for Supply Management’sindex fell to 53.5 from 54.8 in April, showing the manufacturingsector was still growing but closer to the slower pace of the firstquarter of the year. The Commerce Department meanwhile reported Thursday that growth ingross domestic product, was at 1.9 percent in the January-Marchperiod, down from an estimated 2.2 percent pace. The jobs data come at a time when Obama is seeking to negativelydefine Romney for voters, arguing that the Republican’s instinctsas a millionaire venture capitalist would harm the middle class andonly benefit big business.
Obama’s searing attacks on Romney’s past, as head of Bain Capital,an asset management fund he founded, however keep being underminedby Democrats who are ostensibly supporting him. On Thursday former president Bill Clinton, the most high-profileDemocrat in America other than Obama, said on CNN that Romney’sbusiness career and time as Massachusetts governor qualified him tobe president. However, Clinton said Obama was a better bet for America, andpredicted that the president would win by five or six points inNovember and that his policies would be better than Romney’s forthe economy.