With so few days until the election, the state of the Presidential race is basically set. A huge share of the vote has already been cast and the vast majority of voters have already made up their minds. Some major development could still change the trajectory of the race but this new jobs report does not rise to that standard.

Theoretically a very bad jobs report that was way below expectations could have been a real boon to Mitt Romney’s campaign, but this jobs report was slightly better then expected. There is nothing in the report that should help Romney add a sense of urgency to his closing argument about the economy.

While the report is better than expected, it is also not amazing enough that it should swing voters towards Obama. The topline unemployment number did technically increase 0.1 percent from 7.8 percent to 7.9 percent. A basically unchanged unemployment rate is probably not going to really impress undecided voters or change their minds about Obama’s handling of the economy.

Of course when you are holding a small but constant lead in the polls, a no news report is basically good news. Since the race appears to be going Obama’s way, any day without a major event that could change the elections trajectory is a good day for them. I suspect the Obama team would be very happy if effectively nothing seemed to happen between now and Tuesday.