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Mr. Obama got a bounce coming out of Charlotte, and it had some staying power — with his national lead appearing to peak at about five or six percentage points. But polling released immediately after the debate seemed to suggest that Mr. Romney had drawn into a rough national tie.
By the weekend, however — after the release of a favorable jobs report last Friday — Mr. Romney’s bounce seemed to be receding some. Tracking polls released on Monday by Gallup and Rasmussen Reports actually showed a shift back toward Mr. Obama, although another poll by Pew Research showed Mr. Romney with a four-point lead among likely voters.
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Polling data is often very noisy, and not all polls use equally rigorous methodology. But the polls, as a whole, remain consistent with the idea that they may end up settling where they were before the conventions, with Mr. Obama ahead by about two points. Such an outcome would be in line with what history and the fundamentals of the economy would lead you to expect.
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At the same time, incumbent presidents just aren’t that easy to defeat. Mr. Obama’s approval ratings are now hovering around 50 percent and don’t seem to have been negatively affected by his performance in Denver. Although Mr. Obama’s approval ratings may be slightly lower among those most likely to vote — meaning that Mr. Romney could win with a strong turnout — historically that number has been just good enough to re-elect an incumbent. (Mr. Bush’s approval ratings were in the same range late in 2004.)
In some ways, then, the election might not be quite so unpredictable as it appears. There was reason to believe that Mr. Obama’s numbers would fade some after his convention — and the first debate has quite often been a time when the challenger drew the race closer.
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