The last time I considered Barack Obama’s re-election chances in this magazine, in mid-November, things were looking pretty bleak for the president. The statistical model I used measured three key factors — a president’s approval rating, economic growth and the ideological orientation of his opponent — and taken together, they showed that Obama had become a slight underdog to win re-election.

Three months later, his position is much stronger.

In January, 243,000 jobs were created. The number surprised investors and economists, but it was part of a stream of solid economic data: over the last few months, consumer confidence has gone up, Americans have spent more on big-ticket items like cars and there is even evidence that the housing market has begun to rebound. Before the job numbers came out, most economists were expecting around 2.5 percent G.D.P. growth this year. Those forecasts are liable to be revised upward now, perhaps to about 3 percent.

Americans seem to have noticed the change. By early February, Obama’s approval rating had climbed to 49 percent in the Real Clear Politics average, a six-point improvement from three months earlier. Although it’s not a terrific approval rating, it may be enough to get Obama another term. In 2004, George W. Bush won a narrow victory with essentially identical metrics: G.D.P. growth of 2.9 percent and an approval rating of about 48 percent on Election Day.

Still, Obama’s position isn’t solid enough for him to beat just anybody. Bush benefited from running against a middling opponent like John Kerry, against whom he was able to squeeze every ounce out of his approval rating.