obama*Something tells us they’re not gonna be jumping for joy  at the White House today.

That “something” would be this month’s job report. You could say it’s not as bad as it could have been, but in an election season, this is not welcome news for President Obama. You can best believe Mitt Romney and the republicans are going make sure of that.

Anyhow, here’s the, er, bottom line from Reuters:

Payrolls rose far less than expected in March, keeping the door open for further monetary policy support from the Federal Reserve, even as the unemployment rate fell to a three-year low of 8.2 percent.

Employers added 120,000 jobs last month, the Labor Department said on Friday, the smallest increase since October. Economists polled by Reuters had expected nonfarm employment to increase 203,000 and the jobless rate to hold at 8.3 percent.

The weak employment growth last month likely reflected the fading boost from unseasonably warm winter weather. The payrolls count for January and February was revised to show just 4,000 more jobs created than previously reported.

The drop in the unemployment rate, to the lowest level since January 2009, reflected a drop in the labor force. The separate household survey, from which the jobless rate is derived also showed a drop in employment.

The weak employment gains could hurt President Barack Obama’s chances for re-election in November. The unemployment rate has fallen from 9.1 percent in August.

Read/learn MORE at Reuters via Yahoo News.