Forecasts for the second half of the year remain for growth of close to 3 percent or more, which should keep job creation at its current pace or above. Democrats can also celebrate that total employment in May rose above 138.5 million, the pre-recession peak of 2008. In addition, the U.S. economy has now created over 200,000 jobs a month for four straight months, the first time that's happened in 14 years.
Those are all good talking points for Democrats hoping to overcome deep public dissatisfaction with the pace of economic growth, wages and employment under President Barack Obama.
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Growth is not fast enough—and wages only rose 0.2 percent—to turn around negative views of the economy by November. But at least those numbers are not likely to get a whole lot worse. And they may even improve somewhat if subsequent months get closer to a 300,000 job creation level.
But the best news for Democrats may be that the numbers on Friday were not even stronger. This was clearly a "Goldilocks" report: Good enough to show a strengthening economy but not so good that the Federal Reserve gets even more nervous about future inflation and pushes forward its timetable for ending asset purchases and increasing interest rates.
The jobless rate is still stuck well above the Fed's forecasts and there is little evidence of nascent upward pressure on wages. So Democrats can probably rest easy that a dovish Fed will not try to tap the brakes on the economy until well after the November midterms and likely not until well into 2015.
Couple the Friday jobs report with Democrats newfound hopes to make the Mississippi Senate race competitive this fall and you have a pretty strong week for a party that otherwise faces dismal prospects in November.
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"This is the type of progress we'd like to be seeing in the economy," White House Council of Economic Advisors Chairman Jason Furman said on CNBC following the jobs report release.
But happy days are not necessarily here again for the Dems. Republicans have plenty to pick at in the jobs report including the small uptick in wages, the flat workweek at 34.5 hours and the fact that the labor force participation rate remained at a very low 62.8 percent and did not recover from last month's huge decline of 806,000.