Too good to be true? You betcha!
114,000 new jobs is less than the growth of the population. The only way you can go from 8.1 percent to 7.8 percent is to stop counting people who have given up looking which is what this Administration has been doing from day one. If the labor force participation rate (number of able-bodied people of working age) was where it was when Obama took office, the unemployment rate would be just south of 11 percent.
Obama has lowered the unemployment rate not by creating jobs but by not counting people. George Orwell and Karl Marx would be so proud.
Ed Morrissey at Hot Air has some more background and analysis of the numbers