Jobs report bad news for Obama; why not for stocks? [Video Discussion]
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U.S. employers added a disappointing 96,000 jobs in August, the Labor Department said Friday, and the unemployment rate was revised down, but for the wrong reasons -- more people dropped out of the labor force.
That’s bad news for President Obama, economy reporter Don Lee says in this video discussion, which also includes markets reporter Andrew Tangel and business deputy editor Joe Bel Bruno.
In his article today and in the chat, Lee says that the jobs report hurts Obama because he and his supporters have been touting the administration’s economic record. The report gives more ammunition to GOP challenger Mitt Romney that Obama isn’t doing enough to create jobs.
Tangel adds that stocks didn’t dive after the report came out because the lower-than-expected numbers increase the odds that the Federal Reserve will step in with more stimulus.
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