Is there any doubt we'd be seeing that headline today if we had a Republican President, and Boehner was the newly crowned Democrat Speaker of the House?
There used to be this guy that had a show on MSNBC that would end each broadcast with "It's been XX days since the last election, where are the jobs, Mr. Boehner?"
What would that guy say tonight, if he hadn't gotten canned from his job? Would he be giving the Republican Speaker credit for the news of 192,000 jobs, and the unemployment rate plunging to 8.9%?
Over at Calculated Risk, the monthly charts and graphs are up that give a great picture of the economy. I've mentioned before that you can't just look at one segment of the jobs picture, it all has to be taken in together. Weekly Initial Unemployment Claims have been trending down, which is great. But, we are still quite a distance from the historical "normal" levels, so look at that data with a grain of salt.
Unemployment finally got under 9%, but the labor participation rates continue to be at the lowest rates since the mid 80's. (For my readers in Tucson, this means fewer people are actively looking for work) So while the lower unemployment numbers are good, there are also fewer people in the pool to count (which means the number isn't saying what the true unemployment situation is).
Bottom line, it appears we have stopped digging at the bottom of a very, very deep hole. We have begun to climb out, but it's several miles deep.