Jobs Report Leaves Obama, Romney Campaigns Wary
The nation’s steady-but-modest job growth presents political challenges for both of November’s all-but-certain presidential rivals.
Republican Mitt Romney needs an ailing economy to fully exploit his image as a “Mr. Fix-It” who can restore the nation’s financial health, as he turned around the troubled 2002 Winter Olympics. President Barack Obama needs job-creation momentum to convince voters that things are moving in the right direction, even if millions of people remain unemployed.
Friday’s neither-hot-nor-cold jobs report leaves both campaigns unsure of whether they can sell their narratives. Employers added 120,000 jobs last month, about half the December-February pace and well short of the 210,000 economists were expecting. Still, the unemployment rate declined from 8.3 percent in February to 8.2 percent, the lowest since about the time Obama took office.
GOP leaders were quick to note that the rate dropped largely because many Americans stopped looking for work and were not counted in the government survey.
The U.S. jobs picture was bleaker when Romney began his second presidential bid a year ago, emphasizing his experience in running the Olympic Games and reorganizing companies while at Bain Capital. He said jobs grew during his four years as Massachusetts governor, but critics note that other states had more robust growth.
GOP strategists say Romney’s hopes this fall hang largely on his ability to convince voters that the current pace of recovery is unacceptable and he can substantially speed it up.
Romney, who’s closing in on the Republican nomination, called Friday’s jobs report “weak and very troubling.”
“Millions of Americans are paying a high price for President Obama’s economic policies, and more and more people are growing so discouraged that they are dropping out of the labor force altogether,” he said in a statement. Obama’s “excuses have run out,” he said.
Obama was more upbeat at a White House gathering. “Our economy has now created more than 4 million private-sector jobs over the past two years and more than 600,000 in the past three months,” he said.
“There will still be ups and downs along the way,” the president said. “We’ve got a lot more work to do.”
Democrats cling to historical data showing that presidents tend to get re-elected if the economy is improving during their fourth year in office, even if it’s below normal levels. In that light, the key news for Obama in Friday’s report was that jobs are still being created, not that the pace was half what it was during the previous three months.
“The trend is still his friend. But you have to worry about whether it’s a fickle friend,” said Jared Bernstein, a former economics aide in the Obama White House. “The question of whether the economy has truly achieved escape velocity hasn’t been convincingly answered yet,” he said.