If you live around politics you’ve always been told, “Americans vote their pocketbooks and wallets.” So, if Republicans don’t win big on Tuesday, they’re really going to have to think long and hard about why voters hate them.
Because the current economy should be a dream for any ruling party.
The Labor Department released its hiring and unemployment figures for October this morning, and it’s great news.
The now longest period of economic growth in America, ten years strong, is still burning hot.
250,000 jobs were added last month.
The unemployment rate was unchanged at 3.7 percent, a nearly 50-year low.
Average earnings rose by 0.2 percent and are up 3.1 percent over the past year.
The number of people working or looking for a job increased by 711,000, nudging the labor force participation rate up to 62.9 percent, from 62.7 percent in September.
“The underlying fundamentals of the labor market are still really bright,” said Michelle Girard, chief United States economist at NatWest Markets. “It’s really the strongest part of the broader economy at the moment.”
Sadly for Republicans, the economy has not dominated the news.
This midterm election it’s all been about, border control, health care, Supreme Court picks, and let’s not forget President Trump’s daily circus of tweets.
Trump gobbles up more airtime and political oxygen than all the other politicians put together.
And his focus has not been on the economy.
He has primarily trumpeted fear into the electorate, of a pending invasion that the military will have to shoot-to-kill to prevent the thugs from taking your poodles.
There’s probably going to be a lot of post-election debate among Republicans about that strategy.
Back on the economy, October marked the 97th consecutive month of job growth, extending an already record-making streak.
Average monthly payroll increases have floated around the 210,000 mark over the past year.
Last week, the government estimated that the economy grew at a hearty annualized rate of 3.5 percent in the third quarter.
Confidence remains high among consumers and business leaders
The report also offered evidence that sidelined workers are not only feeling optimistic about their job prospects but are actually finding work, which is why the jobless rate did not dip despite the big payroll gains.
If Republicans don’t keep Congress with these economic numbers, there’s only one direction to place blame: Donald Trump, President of the United States.