At first glance, Friday's employment report showing a gain of 209,000 jobs and a slight uptick to 6.2 percent unemployment based on more people joining the labor force should be good news for Democrats.
After all, it's the sixth straight month of over 200,000, the best such streak since the Internet bubble days.
"If you look at this report, overall it was strong and it's a continued reflection of the strengthening of the economy," Jason Furman, chair of the White House Council of Economic Advisers told CNBC. "We've now had six straight months of job growth above 200,000. That's the first time we've seen a streak like that since 1997."
But Furman and Democrats shouldn't really celebrate.
Because the report was both a decline from June's revised 298,000 and contained a very soft underbelly. The biggest problem: Wages barely budged, moving up just 1 cent to $24.45 per hour. And the length of the work week remained flat, meaning employers feel no pressure to add hours to boost production.
From a markets perspective this was good news because it puts no new pressure on the Federal Reserve to move faster to boost interest rates. Long anticipated upward pressure on wages is so far nowhere to be found.
But from a political perspective, it's bad news for Democrats.
Because voters mostly don't care about the headline jobs number or how many months have been about 200,000. They care about the trend in their paychecks. And that trend is very bad and there are few signals that it's about to get a lot better.
Overall, according to Moody's, per capita income adjusted for inflation has risen just 1.16 percent over the last two years. That's a decline from a 2.54 percent rate in the first two years of the recovery.
The impact is that consumers still feel strapped, something that is evident in low-end retailers outperforming high-end retailers. And it's apparent in low new household formation. Younger Americans simply don't have the cash to plunk down for down payments in an economy where lending standards are still tight. And slow wage gains means they'd have to save for years to afford to put 20 percent down.
This weak demand means slowing house price gains are likely to continue which in turn means people fortunate enough to own homes won't feel as wealthy and thus will be less likely to spend.
And all the spending on goods and services that goes with new home purchases is not likely to materialize to drive a faster economy the rest of the year.
While some economists remain bullish, the consensus is now that the 4 percent growth recorded in the second quarter may both represent the high water mark for the year and could get revised down in future estimates.
This means that generally sour views on the president's handling of the economy will likely persist and provide a headwind to Democrats hoping to avoid a GOP takeover of the Senate in November and limit GOP gains in the House.
The jobs report, of course, was not without many positive aspects. Any reading over 200,000 is more than enough to keep the jobless rate going down assuming no future big increases in the labor force.