BULLETIN:  UNEMPLOYMENT RATE DROPS, JOB CREATION ANEMIC – AT 8:46 A.M. ET:  The unemployment rate has dropped to 7.8%, giving a major bragging point to the Obama administration.  That's the number people will see, and may deflate some of Romney's debate gains.

However, the underlying data hardly provides room for enthusiasm.   The nation created only 114,000 jobs last month.  It takes 150,000 just to keep up with population growth.

The problem here is that the mainstream media, in initial reports, is hitting the 7.8% number hard, in a bid to help the president, and it may work.  The administration can also brag that we now learn that we created more jobs in July and August than previously estimated...but still below the number that keeps up with population growth.

On balance, Obama can spin these figures.  But bottom line:  We're still losing, not gaining.  This is not good economic news and shows a depressing record of economic growth.

Romney has got to come out swinging this morning, using stark language to describe where we are, and short-circuit attempts to use that 7.8% number to help Obama.

October 5,  2012