Friday's jobs report could be a real downer

China's economy is cooling off, the euro crisis has given investors the heebie jeebies, and US manufacturing contracted for the first time in 3 years in June. All this adds up to bad news for the president and for America. The Hill: The reports, just four months before voters cast their ballots in the presidential election, come amid a wave of bad news on the global economy, which is seen by both the White House and President Obama's critics as the most potent threat to his chances of securing a second term in office. China's economy, which helped pull the world out of recession, is slowing dramatically, while the European debt crisis continues to bite at the American recovery. The White House is bracing for the June jobs report on Friday, which economists expect will show gains of roughly 100,000 - not enough to stifle unemployment. Manufacturing had been a key component of job growth earlier this year, but the index from the Institute for Supply Management (ISM) found national...(Read Full Post)