Unemployment at 8.3% still leaves a vast and destructive jobs deficit

US jobless numbers are falling, but not far or fast enough. We should forget about the budget deficit until unemployment is 5%

The most significant aspect of January's jobs report is political. The fact that America's labor market continues to improve is good news for the White House. But as a practical matter, the improvement is less significant for the American workforce.

President Obama's only chance for rebutting Republican claims that he's responsible for a bad economy is to point to a positive trend. Voters respond to economic trends as much as they respond to absolute levels of economic activity. Under ordinary circumstances, January's unemployment rate of 8.3% would be terrible. But compared to September's 9.1%, it looks quite good. And the trend line – 9% in October, 8.6% in November, 8.5% in December, and now 8.3% – is enough to make Democrats gleeful. Read more....