President Obama said at a campaign event on Friday that the June jobs report shows the economy has taken “a step in the right direction.”
The report showed unemployment remained unchanged in June at 8.2 percent and the economy added 80,000 jobs.
“That overall means that businesses have creatd 4.4 million jobs over the past 28 months,” Obama said at a rally in Poland, Ohio. “That’s a step in the right direction. . . But we can’t be satisfied because our goal was never to keep on working to get back to where we were in 2007.”
This morning Obama’s own economic adviser warned us not to “read too much” into the report:
[A]s the Administration stresses every month, the monthly employment and unemployment figures can be volatile, and employment estimates can be subject to substantial revision. Therefore, it is important not to read too much into any one monthly report and it is informative to consider each report in the context of other data that are becoming available.