To put President Obama’s unremarkable speech last night to the Democratic National Convention in full context, you have to pair it with this morning’s jobs report, which fell short of analysts’ expectations. Here’s how the Wall Street Journal put it:
U.S. job growth slowed in August, a sign of a slack recovery that could slow any postconvention momentum for President Barack Obama and spur the Federal Reserve to take further steps in an effort to stimulate the economy.
U.S. payrolls increased by a seasonally adjusted 96,000 jobs last month, the Labor Department said Friday. The politically important unemployment rate, obtained by a separate survey of U.S. households, fell to 8.1% from 8.3%, mainly because of more people dropping out of the work force.
Economists surveyed by Dow Jones Newswires expected a gain of 125,000 in payrolls and an 8.3% jobless rate.
That growth is below this year’s monthly average (139,000), which is below last year’s monthly average (153,000). The only
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