This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Mitt Romney Needs a New Economic Gripe

NEW YORK ( TheStreet) -- Mitt Romney might need a new campaign message.

The February unemployment rate held steady at 8.3% from January while the labor-force participation rate increased, meaning more people were looking for jobs.

When the U.S. Bureau of Labor Statistics reported last month better-than-expected January unemployment numbers, Romney's typically critical response to blame President Barack Obama for sluggish growth seemed a bit more subdued.

"We welcome the fact that jobs were created and unemployment declined," Romney said in a statement on Feb. 3. "Unfortunately ... Nearly 24 million Americans remain unemployed, underemployed, or have just stopped looking for work. "

Romney has yet to issue a statement Friday on the February jobs report.

It's true that millions of Americans are unemployed, underemployed and not looking for work, but the economy added another 227,000 jobs in February -- the third straight monthly uptick -- and showed an upward revision of 61,000 jobs created in December and January.

Moreover, the labor force participation rate increased to 63.9%, up from 63.7%. Republican candidates have bemoaned this statistic as they've suggested unemployment has ticked slightly downward in recent months because the long-term unemployed have given up hope for work.

What looms for Romney, who seems likelier to win the GOP nomination for president, is to figure out how he might overhaul a campaign message that is heavily dependent on a sluggish economy with high unemployment as prospects begin to trend positively for Americans.

Unemployment could tick back up and labor-force participation rates could decline -- both of which help keep Romney on message. If these figures favor growth, however, it could be difficult for the former Massachusetts governor to convince undecided voters that choosing him would be better for the economy. It would be particularly difficult if the incumbent president appeared to be righting the shipwreck that began with the 2008 financial crisis his administration inherited.

Another scenario between now and November would be modest economic growth and a drop in unemployment, which would allow Romney to slam Obama for a lack of healthy recovery. In this case, Romney still can't be counted out as a legitimate contender to ascend to the White House.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $124.53 -1.75%
FB $85.80 -2.51%
GOOG $521.52 -1.91%
TSLA $262.02 -1.90%
YHOO $38.91 -2.87%

Markets

DOW 17,596.35 -350.33 -1.95%
S&P 500 2,057.64 -43.85 -2.09%
NASDAQ 4,958.4680 -122.0370 -2.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs