After being declared dead in the summer, the Obama Boom returns. Defying all economic rules the unemployment rate fell to 8.6% despite a gain of only 120,000 jobs. This is something that has never occurred in economic history!

Job creation remained weak in the U.S. during November, with just 120,000 new positions created, though the unemployment rate slid to 8.6 percent, a government report showed Friday.

The rate fell from the previous month’s 9.0 percent, a move which in part reflected a drop in those looking for jobs. The participation rate dropped to 64 percent, from 64.2 percent in October.

[…]

The measure some refer to as the “real” unemployment rate, which counts discouraged workers, also took a steep fall to 15.6 percent from 16.2 percent, its lowest level since March 2009.

Average earnings were essentially flat, up two cents to $23.18 an hour. Private payrolls increased 140,000, considerably less than a report earlier this week showing that nongovernment jobs were up by more than 200,000 for the month.

Read the rest: Economy Creates 120,000 Jobs, Rate Tumbles to 8.6%

To economically literate people like us, we know the unemployment rate decrease is due to people giving up looking for work. But that is not how the Progressive Propaganda machine will spin this. Let’s take a look at Politico, which is the mouthpiece for the Regime if the False Messiah.

In a positive sign for President Barack Obama, the unemployment rate surprisingly dropped to 8.6 percent in November – the lowest rate in two-and-a-half years – as the country’s economy flashed signs of strength amid uneasiness about a broader global downturn.

The big dip in the unemployment rate from 9 percent in October occurred even though the Labor Department reported Friday that just 120,000 jobs were added in November, a figure roughly in line with expectations.

Unemployment now stands at its lowest level since March 2009 – a clear political plus for Obama but something of a mixed bag considering that 13.3 million Americans are still jobless and the sovereign debt crisis unfolding in Europe could tip the world into a recession.

Here’s CNN’s spin on the jobs number.

WASHINGTON (CNNMoney) — Hiring accelerated in November, and the unemployment rate unexpectedly plummeted.

Employers added 120,000 jobs in November, the Labor Department reported Friday, marking a pick-up in hiring from October.

MSNBC is off course celebrating.

Employment growth picked up speed in November, pushing the nation’s unemployment rate down to 8.6 percent — its lowest level since March 2009.

The Labor Department reported Friday that nonfarm U.S. payrolls increased by 120,000 last month, accelerating from October’s 80,000 gain and roughly matching analysts’ expectations. The U.S. jobless rate fell sharply from the prior month’s 9 percent level.

This is the spin you will hear from here on out. You will hear the terms improving economy or economic boom. That’s right, 2% GDP growth and 100,000 jobs average will be sold as good to the American public.  Many Conservatives will dismiss this but it will have an effect with Independents who, despite not approving of Obama’s policies, like him personally. They want an excuse to re-elect him and this will give them the excuse they need to vote for Obama.

If the unemployment rate continues to decline even with anemic growth and it’s 8% by November of 2012, the GOP candidate will be toast in that election. Most Americans are economically illiterate and all they will hear is about declining unemployment. That will be the theme the Regime of the False Messiah pushes on an economically ignorant public.

Europe melting down and dragging the US economy down with it will the only shot the Republicans have to defeat Obama. Neither Solyndra nor Fast and Furious have done or will do any damage to Obama. Conservatives need to be real about this and realize some things. We are not dealing with a normal politician, we are dealing with a Cult/Religious phenomenon. The old political rules don’t apply to Obama. He is a religious symbol and the only way to defeat him is to destroy him personally, something Republicans don’t have in them. I just hope in 2012 we hold the House and win the Senate.