The May jobs report was very poor. The unemployment rate ticked up, and the economy only added 69,000 jobs. That's not the worst of it, though. The labor participation rate has been in free fall since 2008. The labor participation rate is, in many ways, a better indicator of job market performance than the unemployment rate. The latter only counts a person as unemployed if they are still actively seeking work. The former is the percentage of the work-eligible population that is actually employed.
As people stop looking for work and thereby drop out of the labor force, they're no longer counted as unemployed. A gain of 69,000 jobs isn't sufficient to keep pace with population growth. It means that, for every one job that is added, multiple people are dropping out of the labor force. There are several months between now and November, but if future jobs report mirror May's, Obama is highly unlikely to win reelection.