Unemployment drops to 7.8%, labor force up.

[Old Europe]

A good report, but no POTUS had been reelected since FDR with unemployment above 7.2%.

That's simply because it hasn't happened so far.

[Nagas]

A good report, but no POTUS had been reelected since FDR with unemployment above 7.2%.

You are aware that there is no magic number of unemployment that will guarantee victory or defeat for an incumbent, right? UE was 3.9% in 2000 yet Gore still lost.

[© Tweed the Younger]

this got Obama about half the ground he lost from the debate back on Intrade.

[Progressive Realist]

A good report, but no POTUS had been reelected since FDR with unemployment above 7.2%.

Problem of induction.

[asexual trans victimologist]

I don't often agree with J.J., but I do in this thread--although I'd caution against treating this as any more of a knockout for Obama in terms of a month from now than Wednesday was for Romney. Before Wednesday, I was feeling pretty gung-ho about this election. Now, I'm optimistic again, but gung-ho's not a word I'd use at this point.

[kingthlayer]

I hate to come off as a hack, but I can't help but think that this helps Obama. The 8% talking point is gone, probably forever, and the coverage that this will generate essentially wipes out Romney's debate win.

[Paul Kemp]

I'll wait for the October numbers.

[NHI]

If Romney keeps hammering Obama on the economy and continues what he started on Wednesday he will win this election.

[Yank2133]

If Romney keeps hammering Obama on the economy and continues what he started on Wednesday he will win this election.

He lost his 8% UE talking point.

[NHI]

If Romney keeps hammering Obama on the economy and continues what he started on Wednesday he will win this election.

He lost his 8% UE talking point.

True, but one cannot make the argument that this economy is thriving, despite Friday's numbers.

[Yank2133]

If Romney keeps hammering Obama on the economy and continues what he started on Wednesday he will win this election.

He lost his 8% UE talking point.

True, but one cannot make the argument that this economy is thriving, despite Friday's numbers.

That is a hard case to make.

The key is trend, people remember where the economy was in 2009 and now in 2012. Consumer sentiment is up, outlook of the economy is up, and even the right/wrong track is up.

[J. J.]

I hate to come off as a hack, but I can't help but think that this helps Obama. The 8% talking point is gone, probably forever, and the coverage that this will generate essentially wipes out Romney's debate win.

I think it is a plus, but:

A.  We don't know how much of a plus the debate will be for Romney.

B.  How much of a plus unemployment will be for Obama.

[Likely Voter]

Polls have been showing growing economic optimism. This will only help.  There will come a point when Romney might look bad for being too gloomy and doomy

[Yank2133]

Polls have been showing growing economic optimism. This will only help.  There will come a point when Romney might look bad for being too gloomy and doomy

Exactly.

Romney has to trend carefully with this.

[Gravis Marketing]

True, but one cannot make the argument that this economy is thriving, despite Friday's numbers.

Obama's been making the case that he inherited a terrible mess and now he can plausibly say we're digging our way out. 

[cope1989]

Romney's entire campaign has been doom and gloom! I understand that a challenger has to portray the incumbent in a negative light, but on top of all that he also has to make a case for a renaissance under his administration. Reagan did it, Clinton did it, etc etc. They balanced between sowing the seeds of fear (of 4 more years of the other guy) and excitement about a new administration.

After a while, Romney looks like Eeyore when he spouts off the same negativity about every jobs report, even good ones. "Hundreds of thousands of Americans found work this summer? Well everything still sucks as far as I'm concerned."

[Likely Voter]

LOL FOX

[King]

It is fair and balanced to ask that question.  The problem with FOX is that they most certainly will stop asking it if Romney were to win.

[pbrower2a]

A good report, but no POTUS had been reelected since FDR with unemployment above 7.2%.

The 2007-2009 meltdown in stock prices is about half a severe as that of 1929-1932... and worse than anything else in the last 80 years. This decade is much more similar to the 1930s than anything since the 1930s except in technology.

[King]

I'm not sure FOX is doing Mitt any favors with this headline.

[HockeyDude]

These Republicans who are flooding the airwaves and 'net with accusations that the numbers are fabricated, and even that they are being fabricated by OBAMA... you are not doing Mitt Romney any favors. 

I was convinced that the debate Wednesday was a major turning point... I'm also convinced that this is another major turning point, and that in a couple weeks we will be back to where we were before the debate. 

[5280/East California]

real numbers speak for themselves

http://www.bls.gov/news.release/empsit.t15.htm

[Mr.Phips]

Um no.  These numbers were clearly jimmied.  The unemployment rate does NOT fall by .3% when the economy adds only 114,000 jobs.  It rarely even happens when it adds 300,000+ jobs.  Something smells here.

[J. J.]

Um no.  These numbers were clearly jimmied.  The unemployment rate does NOT fall by .3% when the economy adds only 114,000 jobs.  It rarely even happens when it adds 300,000+ jobs.  Something smells here.

Well, I believe the numbers.

[Yank2133]

Um no.  These numbers were clearly jimmied.  The unemployment rate does NOT fall by .3% when the economy adds only 114,000 jobs.  It rarely even happens when it adds 300,000+ jobs.  Something smells here.

There were revisions to the past 2 months....hence the drop.