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Economy could determine presidential race

7:30 AM, May 4, 2012   |    comments
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(NBC) -- Unemployment claims fell dramatically last week and the White House is hoping for a positive trend.

Joined by a group of prominent Mexican Americans, President Obama got an early jump on celebrating Cinco de Mayo.

But the White House was hoping for another reason to celebrate this weekend with good news from the latest jobs report. "And that's why we've worked hard over the last three and a half years to create jobs," said, President Obama.

The last several months have seen a slow, steady gain in private sector jobs.

Enough to keep the unemployment rate at a 3 year low of 8.2% which is a little too close for comfort for a President fighting to keep his job." We've never had in our history of a president being re-elected an unemployment rate above eight percent," said CNBC Correspondent Hampton Pearson.

An Associated Press survey of 32 leading economists predicts the unemployment rate will be below 8% on Election Day, but the man hoping to take the president's job, Mitt romney, is turning up the heat. "If the last three and a half years are his definition of forward I'd hate to see what backward looks like," said Presidential Candidate, Mitt Romney.

And as the economy goes, so may go the White House.

NBC

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