Political advantage can be fleeting. A couple of months ago, during the winter quarter, job gains looked to be picking up, unemployment was easing lower, and President Obama’s reelection hopes looked more secure. But things sure have changed.

In recent weeks, a whole bunch of new economic stats have been pointing to a sputtering economy — maybe even an inflation-prone, less-than-2-percent-growth recession. Stocks have dropped five straight weeks, as they look toward slower growth, jobs, and profits out to year end. And Friday’s jobs report didn’t buck these trends.

Read my full column here.