Jobless rate declines to 7.8 percent
Good news for President Obama, as Steve Benen explains HERE:
If I had a nickel for every time Mitt Romney has said the unemployment rate has been above 8% throughout the Obama presidency, I’d have, well, nearly as much money as Mitt Romney.
Today, however, the talking point died. The unemployment rate fell unexpectedly, dropping from 8.1% to 7.8%.
As we’ve discussed before, decreases in the jobless rate are not always good news — the figure sometimes falls when discouraged Americans drop out of the workforce altogether — but that’s the case with the new data. The employment-to-population ratio went up, job creation went up, and the labor force went up.
In other words, the drop in the unemployment rate is heartening, not discouraging.
And given that there’s a presidential election in 32 days, the figure carries a heavy political salience. In February 2009, President Obama’s first full month in office, the jobless rate was 8.3% and climbing. As of today, it’s 7.8% and falling.