Last Friday's top-line unemployment figures - showing only 80,000 jobs were created during the month and the unemployment rate remaining unchanged at 8.2 percent - was far worse than anyone in the Obama campaign or in the political shop at the White House could have expected.
One reporter traveling with President Obama in Ohio Tweeted that he had spoken for 40 minutes with only about 26 seconds on the job number.
To which I responded: "Bad news is no news."
But, in Presidential politics there is no such things as "no news." And the news for the Obama campaign has not been good since then.
The New York Times, hardly a mouthpiece for Republican causes or campaigns, had a front page story headlined: "Obama Trails Romney Again in Battle for Campaign Cash"
Reporter Nicholas Confessore wrote:
"Mitt Romney and the Republican National Committee easily outraised the formidable Obama money machine for the second month in a row."
Keep in mind, this is not "secret" donors funding SuperPACs. This is the on-the-record money, the limited money, the so-called "hard" money that is reported by the Republican National Committee and the Romney campaign.
"In a worrisome development for the Obama campaign, Mr. Romney, who until now has been heavily dependent on donors giving the maximum federal contribution, also showed success in June drawing small donors, a traditional strength of the Obama campaign."
You might have noticed a lot of press attention to the mega-million fundraising Romney did in the Hamptons over last weekend, but not as much attention was paid to the growth in small donors.
Not only is Romney raising more, but his campaign is spending less. The Washington Post's Chris Cillizza pointed this out from the other side of the coin writing:
"President Obama has spent more than $91 million on television ads in eight swing states as of July 6, a massive sum that dwarfs the $23 million former Massachusetts governor Mitt Romney has disbursed on campaign commercials in those same places."
That statement is accurate, and would be telling if the Romney campaign hadn't been (a) raising more than Obama, and (b) has something on the order of $160 million cash-on-hand.