Don’t underestimate the PoliPsych impact of the unemployment rate falling below 9 percent for the first time in nearly two years.
Tales from the Trail
It’s Friday, when some people start thinking PARTY! Even in Washington.
The first employment report of the year, which was for December, gave the administration something to party about. The unemployment rate fell to 9.4 percent from 9.8 percent. That is the number that resonates with the public, so a four-tenths of a percentage point drop can be politically useful.
President Barack Obama’s approval rating sank to a new low of 45 percent, while his disapproval rating rose to 52 percent, according to a Reuters-Ipsos poll. It was the first time more Americans disapproved than approved of Obama in an Ipsos poll since he became president.
The unemployment rate fell in January to 9.7 percent, the lowest in five months and below that dreaded 10 percent in December. It also foiled analyst expectations for an increase to 10.1 percent.
The October employment report is in and it’s a shocker.
The unemployment rate jumped to 10.2 percent, the highest since April 1983 when it was also 10.2 pct. If you don’t want to do the math, that was 26 years ago. It was worse than expectations for 9.9 percent.