Friday, July 27, 2012

THE RACE: Economic report unwelcome news for Obama

President Barack Obama speaks in the Oval Office of the White House in Washington, Friday, July 27, 2012, where he signed the United States-Israel Enhanced Security Cooperation Act. (AP Photo/Susan Walsh)

President Barack Obama speaks in the Oval Office of the White House in Washington, Friday, July 27, 2012, where he signed the United States-Israel Enhanced Security Cooperation Act. (AP Photo/Susan Walsh)

Avoiding a traffic jam, Republican presidential candidate, former Massachusetts Gov. Mitt Romney walks down Grosvenor Place in London to meet Ireland's Prime Minister Enda Kenny at the Embassy of Ireland in London, Friday, July 27, 2012. (AP Photo/Charles Dharapak)

U.S. first lady Michelle Obama poses with members of the U.S. athletics team during a 'Let's Move!' event for about 1,000 American military children and American and British students at the U.S. ambassador's residence in London, ahead of the 2012 Summer Olympics, Friday, July 27, 2012. (AP Photo/Lefteris Pitarakis)

President Barack Obama's campaign team hoped that by now, the lethargic U.S. economy would be perking up as it had for President Ronald Reagan in the summer of 1984, setting the stage for Reagan's re-election rout.

But it is not to be.

New government figures show economic growth is slowing, not picking up speed ? meaning Obama will continue to face economic headwinds.

The economy grew at an annual rate of just 1.5 percent from April through June, down from 2.0 percent the previous three months. While that showed it was still growing, if slowly, and not tottering back into recession, there was scarce other good news in the report for Obama ? and plenty of ammunition for Republicans.

They piled on at once.

"It's a picture of a decelerating economy," said Glen Hubbard, economic adviser to GOP challenger Mitt Romney. House Speaker John Boehner saw "a troubling sign for the future of our economy."

"Clearly there's a lot more work that has to be done," acknowledged White House economist Alan Krueger.

Both sides know the statistics: Growth below 2 percent won't lower an unemployment rate now hanging at 8.2 percent, and no president since Franklin D. Roosevelt has been re-elected with the jobless rate over 8 percent.

Romney held more meetings in London on Friday and was attending opening ceremonies of the Summer Olympics. "It looks to me like London is ready," he proclaimed on NBC's "Today" as he sought to defuse a flap over his earlier comments questioning the city's preparations.

He goes next to Israel, an ally he accuses Obama of offending.

In what was hardly a coincidence, Obama on Friday released an additional $70 million for Israel as ? with some fanfare ? he signed a bill expanding US-Israeli ties. Later, he had fundraisers in town and in suburban Virginia.

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Follow Tom Raum on Twitter: http://www.twitter.com/tomraum. For more AP political coverage, look for the 2012 Presidential Race in AP Mobile's Big Stories section. Also follow https://twitter.com/APCampaign and AP journalists covering the campaign: https://twitter.com/AP/ap-campaign-2012

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2012-07-27-The%20Race/id-443fef0e5bf9468586d234ee65c4d626

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