Unemployment drops to 7.8%, labor force up.

[J. J.]

Politically, very good numbers for Obama.  The only "bad" thing was that the unemployment rate isn't below where it was at his start date, and no one was expecting it to be better.

Don't these revisions basically show that Q3 was pretty good, all things considered?

Probably that Q3 was unnecessary. 

[J. J.]

So Politico's spin is what I expected. I wonder what J. J.'s will be.

I already said it; it is probably the best news Obama could hope for in the circumstances.

[J. J.]

This just makes the unemployment numbers more likely to rise on the Friday right before the election.

No one cares about the last jobs report....hell this one isn't going to make much noise.

A sizable portion will have voted by that point and most will have made up their minds.

I think this one could have some impact.  Biden can basically say, in the next debate, "See, this is working," well, sort of.

[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.

[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.

[J. J.]

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Name the last prez with supermajorities in both the house and the senate?

I can think of George W Bush in 2007-9, Bill Clinton in 1995-01, George H W Bush, 1989-93, Ronald Reagan, 1987-89.