The May job report is out and it looks like job growth has slowed in the last month. According to CNN Money, May was expected by economists to bring in about 150,000 jobs to the job market but only 69,000 were added. Unemployment went up to 8.2 percent from April's 8.1 percent, the highest since last June.
The May job reports could indicate a possible dip in the economy during the summer. The reports may not bring in good prospects for President Obama's campaign. Creating jobs in the U.S. is one of the top issues for American voters.
Obama announced to Golden Valley, Minnesota that the slow growth in the job market is due to the effects of high gas prices and the economic instability in Europe as well as the slowdown in the Chinese economy. Adding on that congress should've passed a tax break for small business owners to hire more workers.
Last month, private companies added only 82,000 jobs, and cut back on hiring. Construction suffered the most, due to a decline in the last two years. Employment increased in health care, transportation and wholesale trade. Manufacturing continued to add positions but at a slow pace from last year.
Romney states his position as an executive would make him more suitable in handling the state of the U.S. economy better than Obama. Romney goes on to calling the May job reports a "harsh indictment" of how Obama is handling the economy.
Obama said, "From the moment we first took action to prevent another depression, we knew the road to recovery would not be easy, we knew it would take time, we knew there would be ups and downs along the way."
The downturn in the May reports will lead to a potentially more negative campaign especially in states where votes are close and that have been hit hard by the economy.
Romney is campaigning by using his experiences as equity firm Bain Capital, but Obama is hitting back that Bain invested in some companies and ended up losing jobs while profiting.
