New ABC News poll showing that Americans have a slightly more favorable opinion of Joe Biden than Sarah Palin:

Palin
Fav - 50
Unfav - 37

Biden
Fav - 54
Unfav - 30

Among Republicans, Palin gets an 85% favorable rating, compared to Biden's 77% among Democrats. Among Independents, they are about equal, with Palin getting 53-34 fav/unfav rating and Biden getting 52-31.

More:

The public by a narrow 6-point margin, 25 percent to 19 percent, says Palin's selection makes them more likely to support McCain, less than the 12-point positive impact of Biden on the Democratic ticket (22 percent more likely to support Barack Obama, 10 percent less so)...

fewer than half, 42 percent, think Palin has the kind of experience it takes to serve effectively as president if that became necessary. Far more say Biden passes the experience bar, 66 percent.

Both candidates wasted no time in blasting out statements on the August jobs report showing unemployment jumping to 6.1% in August. Here is Senator Obama's statement:

"Today's jobs report is a reminder of what's at stake in this election ' John McCain showed last night that he is intent on continuing the economic policies that just this year have caused the American economy to lose 605,000 jobs. John McCain may believe that the fundamentals of our economy are 'strong,' but the working men and women I meet every day are working harder for less, the typical working age family's income is down $2,000 since George Bush took office, and their purchasing power is as low as it's been in a decade. John McCain's answer is more of the same: $200 billion in tax cuts to big corporations and oil companies, and not one dime of tax relief to more than 100 million middle-class families. If I am President, I will cut taxes for 95% of all working families and provide an immediate $50 billion to struggling states so that they don't have to cut back on health care and education and can rebuild roads and schools. That's the change working families need right now."

And here is Senator McCain's statement:

"Americans are hurting and we must act to create jobs. Unfortunately, while millions of Americans are gathering around the kitchen table and questioning how they can keep their homes, pay their medical bills and afford their children's education, Washington has failed to act. As I promised last night, I will fight for those that lost their jobs, savings, and real estate investments. Some Americans have been left behind in the changing economy, and it often seems your government hasn't even noticed. We must prepare every worker for the jobs of tomorrow. We will use our community colleges to help train people for new opportunities in their communities. As President, I will enact a Jobs for America economic plan that creates jobs, helps small businesses, expands opportunities and opens markets to American goods. Washington must stand beside the American people, not in their way.

"Sadly there are those who believe that to grow this economy we must raise taxes, impose costly new mandates and isolate America from the global economy. When our economy is hurting, the last thing we should do is raise taxes as Barack Obama plans to do and has done. The American people cannot afford a Barack Obama presidency."

More bad economic news: the unemployment rate jumped four tenths of one percent last month, rising to a five-year high of 6.1% in August from 5.7% in July. That makes 8 straight months of job losses. Here's the bill of particulars from the Bureau of Labor Statistics:

Payroll Employment - Total non-farm payroll employment declined by 84,000 jobs in August, following declines of 60,000 in July and 100,000 in June.

- There have been eight consecutive months with job losses. Over that period, payroll employment has declined by 605,000 jobs.

- Reflecting adjustments in the housing sector, employment in the construction industry declined by 8,000 in August and has declined by 564,000 jobs since its recent peak in September 2006.

- Employment fell in the motor vehicles and parts makers sector by 39,000 jobs in August. In the retail sector, employment at auto and parts dealers was down by 14,000 in August.

- Manufacturing employment declined by 61,000 jobs in August; job losses in manufacturing have averaged 43,000 per month thus far in 2008, compared with an average loss of 22,000 per month during 2007.

In the Headlines

"McCain Vows End to 'Rancor,' Betting on Maverick Appeal" (Gerald Seib and Laura Meckler, Wall Street Journal) - Sen. John McCain claimed the Republican party nomination he has sought for almost a decade by pledging to rise above Washington's acrimony as president and strike a new tone by reaching across partisan divides.

"Experts Helping Palin Brush Up on Foreign Policy" (Michael Abramowitz and Juliet Eilperin, Washington Post) - Sen. Joseph I. Lieberman is among several national security experts helping brief Republican vice presidential nominee Sarah Palin on foreign policy issues as she prepares to hit the campaign trail while cramming for a debate with her Democratic opponent, Sen. Joseph R. Biden Jr. (Del.), in less than a month, according to officials from Sen. John McCain's campaign.

"Obama Camp Turns to Clinton to Counter Palin" (Patrick Healy and Jeff Zeleny, New York Times) - Senator Barack Obama will increasingly lean on prominent Democratic women to undercut Gov. Sarah Palin and Senator John McCain, dispatching Senator Hillary Rodham Clinton to Florida on Monday and bolstering his plan to deploy female surrogates to battleground states, Obama advisers said Thursday.

"Poll: Democratic bounce gone, race tied" (David Paul Kuhn, The Politico) - A poll released today by CBS News reports that Barack Obama's post-Democratic convention bounce has been erased -- and that for the first time, John McCain has drawn even with his Democratic opponent in the network's poll.

On the Morning Shows

Today - Steve Schmidt, McCain's campaign manager: "He's reaching out to everybody in the country. Fighting the oil countries, the drug countries, the special interests. What people are so angry about is the 'me-first' politicians. John McCain's going to clean it out. He's fearless and he's going to bring about the change the American people want. McCain has a record of fighting for change. For Obama it's a word, it's a campaign tactic. He wanted to talk about who he is, about why he loves his country, about why he will always put his country first whether you agree or disagree with him."

(Greg Bobrinskoy contributed to the Morning Report.)

MINNEAPOLIS - For as dazzling and memorable as Sarah Palin was two nights ago, John McCain provided a near perfect contrast last night. His speech was mostly boring, eminently forgettable and - here's the good news for McCain - largely irrelevant.

By now most people know the podium-in-front-of-big-crowd is not typically McCain's best setting. And even though the stage that had been reconfigured from the night before, jutting out into the crowd of delegates to give it a more town hall type feel, McCain looked less than comfortable at times as he plodded his way through the prepared text, interrupted occasionally by war protesters who were immediately drowned out by chants of U-S-A from the crowd.

Expectations were not terribly high for McCain, and he managed to clear the bar - though not by much. The speech was heavy on biography and light on specifics as McCain sought to remind people that he was a hero who had learned deep lessons about patriotism, and that he is a fighter who is empathetic to the difficulties Americans face and will go to battle on their behalf.

"Stand up, stand up, stand up and fight. Nothing is inevitable here," McCain exhorted the crowd in a finishing flourish that provided the night's only real moment of drama. "We're Americans, and we never give up. We never quit. We never hide from history. We make history."

McCain campaign manager Rick Davis was right when he said earlier this week that while policies are always an important part of any race, the election this year is fundamentally not about issues.

For better or worse, this year's contest is a referendum on Barack Obama. After two weeks of conventions in Denver and St. Paul filled with political drama, it still is. Last night McCain presented himself to the country as an experienced and independent-minded alternative to Obama who, along with his new pistol-packing pit bull reformer of a vice president, will bring his own brand of change to Washington.

In the biggest speech of his life, McCain turned in a performance that was solid, pedestrian, and safe. In a year of conventions marked by spectacular speeches, McCain's was merely average. But, given the circumstances this year, that may not turn out to be a bad thing at all.

As the Redskins get clobbered by the New York Football Giants in the opening game of the NFL season, the team's former Hall of Fame coach Joe Gibbs addressed the GOP convention. Gibbs let out his famous (at least in D.C.) cackle and discussed the topic he probably feels most comfortable talking about -- not football or car racing, but God.

ST. PAUL -- The campaign has released these excerpts from tonight's speech:

"I'm very proud to have introduced our next Vice President to the country. But I can't wait until I introduce her to Washington. And let me offer an advance warning to the old, big spending, do nothing, me first, country second Washington crowd: change is coming."

"The constant partisan rancor that stops us from solving these problems isn't a cause, it's a symptom. It's what happens when people go to Washington to work for themselves and not you. Again and again, I've worked with members of both parties to fix problems that need to be fixed. That's how I will govern as President. I will reach out my hand to anyone to help me get this country moving again. I have that record and the scars to prove it. Senator Obama does not."

"I fell in love with my country when I was a prisoner in someone else's. I loved it not just for the many comforts of life here. I loved it for its decency; for its faith in the wisdom, justice and goodness of its people. I loved it because it was not just a place, but an idea, a cause worth fighting for. I was never the same again. I wasn't my own man anymore. I was my country's."

ST. PAUL -- SurveyUSA is out with a poll on viewer reactions to Palin's performance last night.

Palin Moves Independents:

24 hours ago, independent voters nationwide were split on whether Palin was an asset or a liability to McCain's campaign. Today, by a 2:1 margin, independents say Palin is an asset. Overnight, the percentage calling the Alaska governor an asset to the campaign climbed 13 points; the percentage calling her a liability fell 17 points.

The numbers are similar among moderates, who 24 hours ago viewed Palin as a liability by an 11 point margin; today, Palin is seen as an asset by an 18 point margin.

Betting Line Changes:

24 hours ago, when asked if they would bet on Obama or McCain becoming president, Obama was a 16:15 favorite; today, it's flipped, and McCain is favored by the same ratio.

Grading the Speech:

Of those who watched Palin speak last night, 60% give the speech a grade of "A." When those giving lower grades are factored in and a standard grade point average computed on a 4-point scale, Palin scores a "B," overall. Among Republicans, she gets an "A-;" among Independents, a solid "B;" among Democrats, a "C."

ST. PAUL -- This was the video that was supposed to precede Sarah Palin's speech last night. Apparently Rudy went long and so it was cut.

A new CBS News national poll has Obama and McCain tied at 42% apiece (Sept. 1-3, 734 RV, MoE +/- 4%), showing significant movement since the last poll was taken just prior to the GOP convention.

Obama 42 (-6 vs. last poll, August 29-31)
McCain 42 (+2)

Obama leads by 4.4 points in the RCP National Average