⏱Hey you, nice job saving the job market!
90 Second News Issue #12
Guten tag everyone. We made it to the weekend. Give yourself a pat on the back, because that’s an accomplishment this week. Oh, and if you prefer to listen to an audio version of this newsletter, check out our new podcast on Apple or Google!
Even though the S&P 500 closed flat on Friday, it still posted the best return on the week (7.3%) since April, and the best return in an election week since 1932. It appears as though the market is comfortable with a potentially gridlocked congress (aka a Biden presidency with a Republican Senate), largely due to the huge historical returns associated with that split.
In a relatively positive job market the U.S. added 638k jobs, and the jobless rate fell to 6.9%, the warehousing industry was a star as they added over 28,100 jobs last month. This is fueled largely by both the increase of online shopping from the pandemic as well as anticipatory holiday hiring. That means all the Amazon shopping you’ve been doing recently has helped the economy! How about tossing that on your resume?
As Q3 earnings for companies continue to pour in, one trend has risen above the rest- China is saving our economy. As Covid cases continue to rise in the United States (121,504 cases yesterday alone) tempering demand, Chinese consumers with an open economy have buoyed American businesses such as Coca-Cola, and GM.
Yesterday, the second scheduled season opener for the Pac-12 conference between Utah and Arizona was cancelled due to multiple Utah players testing positive. Between the actual cases and required isolation for teammates, the Utes didn’t have enough scholarship players to go on with the game. Both the head coaches and athletic directors expressed regret that the game was cancelled, but reiterated that the right choice was made.
And we’re not just talking about the unbelievably close presidential race there. Instead we’re talking about the Senate races. Yes, that’s races plural. BOTH senate races in Georgia had a candidate fail to reach 50% in the elections, which means that the two races will have runoffs that will determine which party controls the Senate (which we hear is a pretty big thing nowadays). Someone needs to turn Georgia off and on again.
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
Have any questions, comments, concerns? Email us at team@90SecondNews.info
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