FOR a prime minister seeking re-election, job figures showing unemployment at a seven-year low are a clear cause for celebration.

But when that same prime minister is only neck and neck in the opinion polls, it is just as much a cause for concern.

Official statistics show that unemployment fell by 76,000 to 1.84 million in the three months to February, prompting David Cameron to declare today that the coalition had overseen a “jobs miracle”.

The big question is why isn’t he riding the crest of the jobs wave after the years of recession and austerity? Why isn’t he surging clear in the polls, especially since Ed Miliband has been so unconvincing a potential prime minister until last night’s TV debate victory.

There is, after all, plenty of ammunition for Mr Cameron to fire. Inflation-adjusted pay is finally on the increase. The argument that the Government just “got lucky” with the natural timing of the recovery is undermined by the fact that jobs growth in the UK is far healthier that the rest of the EU. And the “they’re only part-time jobs” accusation from Labour falters on the fact that four-fifths of the new jobs are actually full-time.

So what is it that’s holding back Mr Cameron’s return to Number 10? It can only be that the recovery simply doesn’t feel as optimistic as the bald figures suggest.

The green shoots haven’t yet blossomed into definite blooms. Pay may be on the up but salaries still lag well behind 2010 levels. And the young generation feel swamped with debt, with too many unable to see a financially secure future beyond unpaid internships.

It is undeniably good news that the jobs market is on the up. But May 7 will come too soon for the feelgood factor to truly make a difference.

Too many people still fear the jobs miracle may be just a jobs mirage.