With the November mid-term elections just around the corner and Republicans gaining steam in most of the tight races, Democrats are looking for a savior - some bit of good news that will ease the turnover leanings of the American voters.
Unfortunately for the Democrats, it won't come from the jobs report.
The September jobs report — the last major economic report before the elections - didn't provide much in the way of good news for the Obama administration and the Democrats campaigning for Congress.
The September unemployment rate was unchanged at 9.6 percent, not exactly the "good news" Dems were needing. Candidates needing a boost could cling to the fact that the rate had been forecast to be 9.7 percent, but "not as bad as expected" won't likely ease the rampant fears and doubts among voters.
The Obama administration has already begun damage control, saying the economy is improving, but at a slow rate. But that claim is not making much of an impact.
According to recent reports, there are 14.8 million people out of work. Another 9.5 people can only find part-time jobs (up a million from July) and some 2.5 million would-be workers are so discouraged they have just given up the job hunt. Instead of creating jobs in September, the economy lost a net of 95,000 jobs (77,000 of those were temporary Census jobs). While it is positive news that the private sector added 64,000 jobs last month, cash-strapped state and local governments reportedly shed 83,000 jobs, negating any gain.
Those are real numbers. And the American economy is still in real turmoil. Analysts are now reporting that it is expected that the Federal Reserve will be forced to take additional measures to boost the economy. Unfortunately for Democrats, that action won't happen soon enough to affect the November election.
We aren't naive enough to think that a Republican-run Congress will change the economic outlook automatically - or even at all. But what we are doing right now isn't working. It is a “what have you done for me lately?” electorate - and we are betting the election shows it.
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