Count them up: 244,000 jobs vs. the estimated 186,000.  President Obama, and his counterparts are surely satisfied with the better than expected report. Only one problem here: why did the rate increase to 9%?

It comes down to the change in the definition of unemployment by the Obama administration.  It is very good to see an increase in the jobs number, but with the mixed set of earnings, an end to QE2, and continued issues in the Middle East, the risks are high for sharp, short term correction.

The odd item in all of this is that bond rates continue to rise:

Back on the definition of unemployment, remember the Darrell Issa unemployment letter in January of 2010 that was critical of the updated definition?

Was there any response or action by the Obama administration?

I don’t see this properly reflected or articulated in any of their formal read outs.  This would, of course, include the monthly unemployment data.

Hence, we have the odd situation where the job count increases, but the unemployment percentage can rise as well.

Now Obama feels invisible after taking personal credit for the bin Laden strike.