Friday’s devastating jobs report for May should be greeted by rites of mourning at the White House—not necessarily for Barack Obama’s presidency, at least not yet, but rather for the man who once billed himself as the Candidate of Hope.
The grim longer-term message of the May numbers, which came in at a much-lower-than-expected 69,000 jobs and raised the unemployment rate to 8.2 percent, is that the positive economic trend that the Obama camp was hoping for as it swings into November is very unlikely to happen now. For the third year in a row, a spring slowdown has shattered the hopes and spiked the frustrations of the Obama White House, which is trying to manage a historically tepid recovery from the Great Recession. The report was punctuated by a big stock market drop in which the Dow gave back its gains on the year.
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