The U.S. economy added 261,000 jobs in October, signaling a “softening” of the economy as the Federal Reserve continues to hike interest rates in order to ease inflation. The number is a bit higher than the low-200s number some economists had predicted. 

The jobs number was low enough to tick up the unemployment rate, to 3.7% from a 3.5% rate in August and September. But any unemployment number under 4% is still almost unnaturally low. The combo of a better-than-expected jobs increase and two-tenths uptick in the unemployment rate also is seen as a sign the Fed’s aggressive interest rate increases could result in a “soft landing” instead of a 2023 recession.

The Labor Department reported job gains in health care, professional and technical services, and manufacturing. 

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Trump Marks Calendar for November 14 – Donald J. Trump’s “inner circle” are targeting November 14 as the date the former president will announce his run for the 2024 GOP presidential election, Jonathan Swan scoops in Axios Friday. The potential date comes after the midterms and before Florida’s Republican Gov. Ron DeSantis would announce his own candidacy and challenge Trump. Swan tells MSNBC’s Morning Joe that Trump’s team will use the date to schedule a series of rallies and appearances and take credit for the election victories by the ex-president’s endorsees. 

The date remains tentative, Swan emphasizes, as it is very likely control of the Senate will have not been determined six days after the midterms. If neither incumbent Democrat Raphael Warnock nor Trump-endorsed Republican challenger Herschel Walker reach at least 50% of the vote in Georgia’s Senate race, for example, they will face each other again in a runoff scheduled for December 6.

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Confirming the Obvious – United Nations inspectors have found no evidence of “dirty bombs” being developed by Ukraine, NPR reports. The UN inspection was made under dubious circumstances, as it was a claim made by Russia to divert attention from its own atrocities over its invasion of the country. With the UN report, only Vladimir Putin and his allies will continue to push the false dirty bomb story.

Meanwhile: Ukrainian officials have signaled an assault to take back its Kherson region “could be imminent,” The Washington Post reports, which could become the “best test” of whether Russia will hold any significant piece of territory after its February invasion.

--Compiled and edited by Todd Lassa

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'Democracy on the Ballot' (THU 11/3/22)

President Biden called on voters to consider the future of our republic when casting ballots in the midterm elections, in an address Wednesday evening from Washington’s Union Station. His speech began with a detailed description of the attack the prior Friday on Paul Pelosi, House Speaker Nancy Pelosi’s husband. Biden blamed former President Trump for ongoing threat to American democracy in a speech that will be seen as political, especially by Fox News and media outlets to its right.

“Democracy is on the ballot” in the November 8 midterms, Biden said. “So today I appeal to all Americans regardless of party to meet this moment of national and generational importance. We must vote knowing what’s at stake and not just the policy of the moment.”

Recent polls have shown that while the future of American democracy is an underlying issue in the midterms it is not as important to most voters as inflation and the economy. The fear here is that the current 8.5% inflation rate will help propel election deniers into office and potentially give them power over the way future elections are conducted.

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Fed Rates Up Another ¾ Point – As every professional- and armchair economist had predicted, the Federal Reserve raised its “key policy rate” by 75 basis points for the fourth meeting in a row, indicating it is not done with its attempt to tighten the economy and lower inflation, the investment site Seeking Alpha reports. That brings it to the current rate of 3.75%, says Marketplace, which notes that Chairman Jerome Powell said the Fed may slow increases “very soon,” as early as its next meeting, or the meeting after that. 

Which does not amount to the much-expected “Fed pivot,” says Marketplace’s Kai Risdahl. The next Fed board meeting is December 13-14, Risdahl says, and there will be a “whole lot” of economic data out between now and then.

Compiled and edited by Todd Lassa

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