The right wing spin has already entered overdrive on this report, claiming that "if the number of people in the job market on the day Obama took office was the same as today, the Unemployment Rate would be over 10%"
I.e. Unemployment is going down primarily due to people leaving the Job Market, not because of finding Jobs. This aligns with the previous claims that to simply maintain unemployment, you'd need well over 114,000 jobs created/month to keep pace.
Like so much of Government, it's all in how you present the numbers. Exactly like the idea that a "cut" is actually not a cut at all, but a reduction in the rate of increase. Hence how spending an additional $100 million per year could be called a "cut", or even a "massive extreme crushing cut that dismantles x, y or z".
It pays to know how Government operates in this regard, and to dig a little deeper into the numbers than the avaerage media chucklehead, both directions (right or left spin included).
Regardless of all that, this is massive good news for Obama, as it will be quite the political win for him on the camapign trail.
For more interesting reading on the Obama 1st Term and the Economy, CNN has a number of tracking charts here:
http://money.cnn.com/galleries/2012/...html?hpt=hp_t1
Worth reading IMO.