Voters Head To The Polls With Fatter Wallets
For most of this year, we’ve been saying that the economy is a roughly neutral factor in the election, good enough not to hurt the incumbent party, but not good enough to help much, either. Recent economic data has mostly stuck to that narrative: Hiring has been slower but still solid; inflation is rising but still muted; overall economic growth is picking up but remains disappointing.
The last big economic report before the election, however, brought some news that might put a spring in voters’ steps. Friday’s jobs report showed that hourly earnings rose in October at the fastest pace since 2009. The report probably came too late to sway many voters, but it is the latest sign that wage growth, long a weak spot in the recovery, is finally picking up.