(CNN) – David Axelrod, senior strategist for President Barack Obama's re-election campaign, said Thursday that a high unemployment rate will not doom the president's chances of remaining in the Oval Office.

"The fundamental issue is how do people feel? Do they feel like we're making progress?" Axelrod told CNN Chief Political Correspondent Candy Crowley. "Do they feel like we're moving in the right direction and do they feel like the person on the other side of the ballot would hold out greater hope."