Miserable, no-good, jobs report today:

The nation's unemployment rate jumped to 5.5 percent in May - the biggest monthly rise since 1986 - as nervous employers cut 49,000 jobs.

The latest snapshot of business conditions showed a deeply troubled economy, with dwindling job opportunities in a time of continuing hardship in the housing, credit and financial sectors.

"It was ugly," said Richard Yamarone, economist at Argus Research.

With employers worried about a sharp slowdown and their own prospects, they clamped down on hiring in May, said Friday's report from the Labor Department. The unemployment rate soared from 5 percent in April to 5.5 percent in May. That was the biggest one-month jump in the rate since February 1986. The increase left the jobless rate at its highest since October 2004.

Of course, the worse the economy gets, the better it is politically for Obama, and he wasted no time in releasing a statement taking advantage of the news:

"Today's jobs report is deeply troubling. Last month, our economy lost 49,000 jobs and the unemployment rate saw the greatest rise in more than twenty years. This is a reminder that working families continue to bear the brunt of the failed Bush economic policies that John McCain wants to continue for another four years. In the first five months of 2008, our economy has lost 324,000 jobs, and workers' wages once again failed to keep pace with the skyrocketing cost of health care, and college tuition, and gas. That's why we can't afford John McCain's plan to spend billions of dollars on tax breaks for big corporations and wealthy CEOs, and that's why I'm offering change that will provide working families with a middle-class tax cut, affordable health care and college, and an energy plan that will create up to five million good-paying jobs that can't be outsourced. That's the change the American people are looking for, and that's how we'll build an economy of shared prosperity once more."

McCain also responded to the news with the following statement:

"Today's news about unemployment is a stark reminder of the economic challenges facing American families. As the worst single monthly increase in the unemployment rate in two decades clearly shows, Americans across this country are hurting, and we must act now to support workers, families and employers alike. This means getting our economy back on track by providing immediate tax relief, enacting a HOME plan to help those facing foreclosure, lowering health care costs, investing in innovation, moving toward energy independence and opening foreign markets to our goods. These policies will help small businesses create the jobs that families need today. The American people cannot afford more inaction from Washington.

"The wrong change for our country would be an economic agenda based upon the policies of the past that advocate higher taxes, bigger government, government-run health care and greater isolationism. To help families at this critical time, we cannot afford to go backward as Senator Obama advocates."

As we know from the 1992 race, voters don't vote on where the economy is on election day, but where they perceive it to be - a perception created from an accumulation of information taking place over time.

With $4 a gallon gas, the ongoing pain in the housing market, etc., it's merely stating the obvious to say that unless there is some good economic news hiding around the corner, the issue of the economy represents a huge headwind for McCain heading into November.