Alex Spillius: Why Obama has plenty of reasons to smile again
The conventional wisdom in Washington decrees that Barack Obama should not have a prayer of re-election this year. Since the Great Depression, no United States president has won a second term when unemployment has been above 7.4pc.
For each of his three years in office it has been well above that, peaking at 10pc in 2010.
But crucially for the White House, and for the country, this most vital indicator is moving in the right direction.