Job growth cut almost in half.

Today’s employment numbers for March showed jobs grew by only 120,000. That was 90,000 below estimates, 107,000 below the previous month, and the lowest job growth total since November. And while the all-important unemployment rate fell to 8.2%, the decline stemmed entirely from people dropping out of the labor force—a negative development. Furthermore, employers cut back on workers’ hours and on temporary hiring, both signs the job growth rate may fall again next month.

Still, our chart of Obama’s unemployment goals (below) continues showing he is likely to be able to claim net job growth by the October report, out just before the election.