Panic Over 5.1% Unemployment

There is much wailing and gnashing of teeth in the media over the announced 5.1% unemployment rate.
Cassandras foretelling doom and depression. But some other calmer voices like Powerline note :

Actually, though, the unemployment rate in November 1996, when Clinton rode a soaring economy to victory, was 5.4%. That's right--three tenths of a percent higher than the "grim picture" of a "pink slip nation" painted by this month's unemployment report.

and GatewayPundit: back in January had this post on how the media spins the news:

Bush Unemployment at 5.0%- Bad... Clinton Unemployment at 5.4%- Good