Jobs Report and Market Sell-Off Follow Post-Election Volatility
Which is really frustrating at a time where gas prices are higher, grocery prices are still high for many people.
The October jobs report arrives to test whether U.S. hiring picked up after an anemic gain of 29,000 jobs in September. Forecasters expect roughly 60,000 jobs added for October, according to NPR’s Scott Horsley. Inflation is running at 3.7% year-on-year, continuing to outpace a 3% wage growth rate and eroding consumer purchasing power. This economic strain coincides with a sharp market sell-off on Thursday that erased the post-election rally. All major indexes fell at least 3%, and the NASDAQ index tumbled into correction territory. Indeed job postings data shows demand for workers up about 3% year-over-year, offering a signal that underlying labor demand remains positive despite broader macroeconomic headwinds, according to Corey Staley.
Fuel Prices and Congressional Limits After the Iran Conflict
Democrats have promised relief from high fuel prices, but Congress holds limited power to lower them quickly. Energy reporter Willow Rubin explained that lawmakers can squeeze funding for the war with Iran, hold confirmations, or temporarily waive the 18-cent federal gas tax. However, constrained global crude markets and a throttled Strait of Hormuz mean pump prices could take months—or up to a full year—to normalize even if a peace deal is reached.
I don’t want to say these, but expensive gasoline prices could be a new normal,
said Jaime Brito, pointing to analyst scenarios on post-war oil price recovery tracked by Dow Jones Energy.
Federal Judge Halts Construction on D.C. Monument
A federal judge blocked construction on President Trump’s proposed 250-foot D.C. arch for 14 days, as reported by NPR’s Rachel Treisman. The temporary restraining order arrived just hours after the Trump-aligned National Capital Planning Commission approved the massive monument following a nine-hour meeting. The legal challenge sets up a broader political fight over presidential authority to reshape Washington, D.C., and the legislative checks a new Democratic Congress and the courts may impose.
He wants monuments to himself, and he believes he’s got the right to place them around Washington, D.C. without regard to the law,
said Robert Weissman. When I get criticized, like, why are you working on the White House?
I’m doing it because the White House is the ultimate symbol of America, and it’s got to be pristine,
Trump said. He added regarding the disputed structure: It’ll make it impossible for anybody ever to destroy this incredible space.