Bottom line on the latest jobs report from James Pethokoukis, the money and politics columnist for U.S. News & World Report:

The unemployment rate is dropping because economic growth continues to be so anemic that nearly 4 million Americans have quit looking for work and have been disappeared by the Labor Department. This still isn’t much of a recovery.

Why the official 8.3 percent unemployment rate is a phony number—and what it means for Obama’s reelection