The job market could look different after November's midterm elections, but how much it changes could depend significantly on which party ends up controlling each chamber of Congress. Americans will vote on November 3, and for many, the weakening labor market is top of mind. Employers added just 29,000 jobs in September, while the unemployment rate stood at 4.2 percent, according to the U.S.
Bureau of Labor Statistics. The slow employment growth is just one of many reasons the economy is at the center of the midterms. An October Pew Research Center survey found 84 percent of registered voters said the economy was "very important" to their vote, making it the highest-ranked issue included in the poll.
However, the effects of the election could play out very differently depending on whether Republicans maintain control of both chambers or Democrats win the House, Senate or both. The question of the job market post-election comes at a particularly uncertain moment for American workers. In September, 7.1 million Americans were unemployed, while 1.9 million had been jobless for 27 weeks or longer.
The labor force participation rate was 61.8 percent. And September's 29,000 payroll gain was also considerably weaker than August's revised gain of 133,000. However, the slowdown has not affected all industries equally.
Health care added 17,000 jobs in September, construction added 11,000 and manufacturing gained 9,000. But at the same time, information employment fell by 10,000, professional and business services lost 9,000 positions and financial activities lost 7,000. The employer and employee confidence levels could look very different under a Republican win versus a Democrat win, according to Michael Ryan, a finance expert and the founder of MichaelRyanMoney.com.
None of those outcomes guarantees more jobs.” A Republican victory in both chambers would give President Donald Trump the greatest opportunity of the four scenarios to continue his domestic agenda through Congress. According to S&P Global Market Intelligence, continued Republican control would create more room for additional tax cuts as well as changes to the Affordable Care Act and immigration restrictions. But trade restrictions would likely continue.
Extract — continue reading at the source.
