Friday, July 06, 2012

High Unemployment Could Affect Obama's Presidential Campaign

High unemployment could affect Obama’s presidential campaign

Fri Jul 6, 2012 5:57PM GMT
presstv.ir

Newly released data on the US job report indicates that the Obama administration has failed to meet job creation goals in June, leaving the unemployment rate unchanged.

According to the US Labor Department, Obama administration only managed to create 80,000 jobs, 20,000 less than what was set by the Federal Reserve for a stable job market inside the country.

Overlooking his government’s failure to meet the goal by 20,000, Obama described the rise in employment “a step in the rights direction.”

Experts expect that the newly rereleased data could mount pressure on the Federal Reserve, to encourage it to do more to boost the sluggish economy.

The report also indicates that Obama has failed to change the country’s unemployment rate, leaving it unchanged at 8.2 percent.

However, the unofficial reports put the real jobless rate of the United States much higher than what the official figures suggest.

Release of the critical and gloomy data, only three months ahead of the November presidential elections could negatively affect Obama’s chances to get reelected as the US president for a second term.

Shortly after the data was released, US shares fell sharply as the future of the US dim economy seems to remain uncertain.

The United States has been experiencing sluggish economic growth since the global financial crisis affected the country about five years ago.

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