August jobs report could sway vital voters
LOS ANGELES (KABC) -- In an election all about jobs, the number of jobs added is perhaps the most important number of all.
"There's lots of numbers that would suggest that that sort of dry spell we hit in the second quarter is starting to come to an end," said Christoper Thornberg with Beacon Economics.
In August, auto sales went up, retail sales went up and personal income went up. So Thornburg expects the number of jobs added to go up as well.
"We're looking at probably 170,000 jobs, somewhere in that neighborhood," he said.
Last month America added a higher than expected 172,000 private sector jobs. But the unemployment number jumped from 8.2 to 8.3 percent as more people applied for work.
No president has won re-election with a rate that high since the Great Depression. That's the bad news for the president. But the good news is stocks are soaring. The Dow was up 244 points Thursday to a four-year high.
"I call the stock market the 13-year-old daughter of the U.S. economy, that is to say it's the ultimate drama queen," said Thornburg.
In March 2009, the Dow hit its low point, with 50 percent of its value gone. But now, that's all back. It's the fastest surge since World War II.
"This is fantastic news for Obama, if you are going to have an ebb or a flow occur, this is the time to do it," said Thornburg.
As important as Friday's number will be in setting the tone for the next month, the most important jobs report will likely be the one released the Friday before Election Day.
democratic party, president barack obama, economy, politics, elex michaelson
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