In the event, the path back to the White House proved more straightforward for Barack Obama than many of the pundits expected. The president won most of the key swing states – Ohio, Iowa, and Virginia. As the Financial Times went to press, even Florida – which Mitt Romney had been expected to take – appeared to be within Mr Obama’s grasp.

The president’s second victory may be less uplifting than his first, but the scale of the achievement cannot be denied. This was the Republicans’ election to lose. No US leader had been returned to the White House with the rate of unemployment nudging 8 per cent and the economy in such a state.

Mr Obama was fortunate in his opponent. A weak economy coincided with a weak Republican candidate. And while Mr Romney raised his game as the campaign unfolded, even briefly taking the lead after the first televised debate, the economy timed its resurgence even better, adding 171,000 jobs last month. In the end this may have contributed to his defeat.