THE BASIS POINT

Who’s Happier About Shaky Job Market: Rate Shoppers or Republicans?

Hard to say who’s happier about today’s weak jobs report: mortgage shoppers or republicans. The bad news helps both rates and GOP campaign messaging. Here’s Bloomberg with a good election stat pertaining to jobs:

While a 0.9 percentage-point drop in unemployment since August may underpin President Barack Obama’s standing leading up to the vote in November, only one president since World War II – – Ronald Reagan — has been re-elected with a jobless rate above 6 percent. Reagan won a second term in 1984 with 7.2 percent unemployment in the month of the election, after the rate had fallen almost three percentage points in the previous 18 months.