For many people, the economy is a simple equation: paychecks minus expenses. When it feels like our incomes are growing faster than prices, the economy is in good shape. When they’re not, it’s lousy.

Employers added 64,000 jobs in November, according to data delayed by the government shutdown. The unemployment rate ticked up to 4.6 percent, the highest level in four years.

The president’s approval rating fell to 42% while his disapproval rating rose. A greater share of respondents disapproved of ...