Well, that’s pretty good news. The jobs number is good, if not spectacular. And importantly from a political perspective at least, the unemployment rate has dipped below 8% for the first time since President Obama’s first full month in office. The 0.3% drop confounded “experts,” who had expected an increase. And, importantly, the unemployment rate fell even though the number of people who gave up looking for work also declined. That is, the unemployment rate dropped because more people got jobs.
In addition, the jobs numbers from July and August were revised upward by 40,000 and 46,000 jobs respectively. So, as Ezra Klein observes, “we actually gained 181k jobs in July and 142k in Aug. The last few months have been way better than the initial numbers showed.” That might help explain what has confounded some pundits: if the economy is as bad as the numbers say, why does polling consistently show that people are feeling better about it? Maybe because the numbers were off.
So, Wednesday was a less than great day for the Obama campaign. Today should be much better.