July 6th, 2012
06:00 PM ET

Weak jobs numbers means more 'doom and gloom,' but is there a silver lining?

A flat jobs report was released Friday. Only 80,000 jobs were created in the month of June. The unemployment rate remained at 8.2%. President Barack downplayed the report and his opponent Mitt Romney blames the President and points to his plan for job creation.

There's always 'doom and gloom' when the jobs report doesn't meet expectations and falls flat. But, is there a silver lining?

CNN's Erin Burnett sheds a light on other economic indicators that may give a different picture on the economy.

Obama downplays weak jobs report; Romney blames him

President Barack Obama downplayed a weak jobs report Friday as he wrapped up a two-day bus tour to critical states in the November election, while Republicans pounced on the news to declare the president's policies have failed.

Stock prices dropped sharply at the opening bellĀ on the report that the economy created 80,000 jobs in June, well below the number needed to bring down the 8.2% unemployment rate.

At a campaign event in Poland, Ohio, Obama said the job growth - while smaller than needed - continued a trend that has added 4.4 million jobs in the past 28 months following what he called "the worst economic crisis of our lifetime."

"That's a step in the right direction," Obama contended.

Republicans, however, called the weak growth a result of Obama policies that don't work.


Filed under: 2012 Election • Deconstruct • News • Politics
soundoff (One Response)
  1. Joey at Purdue Univ

    I wonder if that's part of why Bill Gross's total return fund has been doing so well since New Years, since they made that big play on mortgage-backed securities right before housing started to stabilize...

    (I don't even know if they actually go together like that, I'm just guessin'.)

    July 7, 2012 at 8:23 am | Reply

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