"And yet the perception is that last week was bad for Republicans and good for the Dems. What gives?"

Says Instapundit, noting today's Rasmussen tracking poll that has Romney at 48, Obama 43 and even Santorum at 46, with Obama at 45.

As an example of that perception he's referring to, check out Jonathan Chait:

Today's report that the economy added 227,000 jobs last month, and far more than expected the previous two months,  seems as good an occasion as any to take stock of President Obama’s electoral standing.

Obama has clearly improved his position.... Pretty much everything has moved his way all at once. The recovery, which stalled last year, is picking up speed, and perceptions of the economy are improving along with it. The Republican candidates have all hurtled rightward and lost popularity in the center. Obama has managed to establish a contrast against the wildly unpopular Republican House rather than allow himself to be sucked down into its dysfunction.

And here's Rush Limbaugh — the infamous Rush Limbaugh — on his show yesterday, talking about the media as "now just willing accomplices of the Democrat Party." Excerpt:

Just remember, folks, in 2005, 2006, unemployment in this country was at 5% under the hated, despised, and dreaded George W. Bush.  "Job Growth Remains Brisk in February."  "Healthcare Continues to Lead Employment Growth," TheHill.com.  "Employment Grows Solidly for Third Straight Month."  So the new normal is more than twice as high as unacceptable unemployment under Bush.  The new normal, what the media says is a roaring economy; what the media says is a steady economic upbeat; what the media says is job market improving; what the media says is brisk job growth.  Eight-point-three percent unemployment is more than twice as high as what was unacceptable unemployment during George W. Bush.