Economy adds fewest jobs in a year
The unemployment numbers for the month of May show that the economy is growing at a very slow pace. The national jobless rate rose slightly to 8.2 percent. Josh Robin takes a look at how President Obama and Mitt Romney are spinning the numbers.
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UNITED STATES -- Stocks slid on Friday and now the financial picture may get worse. The Euro crisis threatens to spread to the United States. Growth could also slow down in China and India.
"We have a global economic slowdown coming down and even though we like to think we're immune to it to some extent, we're not. Plus, we're still facing a lot of the same headwinds we've been facing all along," said Steven Ricchiuto, Mizuho Securities USA.
With his re-election possibly hanging on jobs, President Obama tried a positive spin.
"We will come back strong, we do have better days ahead, and that is all because of you," said Obama.
Obama's advisers are continuing to remind everyone that the president inherited a deep crisis and it is especially tough to dig out when Washington seems hopelessly divided.
"In many cases, they are not supporting some of these initiatives and we've been talking transportation, infrastructure development for some time now," said Hilda Slis, U.S. Department of Labor. "We all agree that it is something that can put people back to work right away, but we're finding that politics are somehow filtering in here."
Friday, the president said there are some things he could do without Republican help, such as an executive order to put veterans to work.
However, Obama's rival said his plans have failed in the past.
"Of course, the developments around the world always influence our jobs, but we should be well into a very robust recovery by now if the president's policies had worked," said Mitt Romney.
There may be some good news for Obama. National unemployment is north of eight percent, but numbers are better in swing states. In Minnesota, it is 5.6 percent.
Romney hopes the bleak, bigger picture may turn off voters.
Many voters, however, are also turned off by another issue. Donald Trump, a strong supporter of Romney, is relentless in questioning whether or not the president was born in America.
Romney, who agrees with Obama that he is Hawaiian-born, was asked why he doesn't tell Trump to just zip it.
Romney responded, "I don't go around telling all my supporters what they should think, or what they should say, but he knows what I think about this."
Romney insists that the economy is the issue.