In their efforts to take control of the House and the Senate from the Democrats in the midterms, Republicans are hoping that the electorate will punish President Joe Biden and his party for historically high inflation.
There really is no broader economic message beyond inflation. The US economy added 263,000 jobs in September and the unemployment rate dropped to a historically low 3.5%. Wednesday’s national employment report from ADP pegged US job gains in October at 239,000. According to the Atlanta Fed, wages were up 6.3% in September. While that’s down from 6.7% in August, it’s still higher than any point the past four decades.
