Today's jobs reports shows that the economy added just 96,000 jobs -- below expectations.
The unemployment rate dropped from 8.3% to 8.1%, but that's a deceptive number. The labor force participation rate actually fell to 63.5%, which helps explain why the unemployment number dipped.
Reuters notes that the labor force participation rate is now the lowest since 1981.
On MSNBC this morning, Mark Zandi of Moody's Analytics said the most disappointing number was 15,000 lost jobs in manufacturing. Analysts had forecasted a gain of about 15K-20K.
Romney tweeted a response:
If last night was the party, this morning is the hangover. 43 straight months of unemployment above 8%. America deserves better.
And thus, Mitt Romney's true running-mate and greatest weapon -- these anemic jobs numbers -- continues to help him, and might squash any convention bounce for Barack Obama.