November 11, 2020
BBVA Research Department since 1999 (2005- US Team)
•The World Bank, Ministry of Education, Republic Bank
•BA Studies Economics (ITAM)
•MsC & PhD Studies Economics (Warwick)
Preliminary results from the 2020 general election map a trajectory in which Democrats have narrowly flipped the “blue wall” states which went to Trump in 2016 and created a buffer by winning Nevada, Arizona and Georgia.
After showing signs of slowing in September, the unemployment rate plunged to 6.9% in October. This decline was driven by disproportionately higher job gains in the household survey. Without additional fiscal support the risks of the labor market backsliding in the 4Q20 are growing.
The statement signalled that the Fed remains a pillar of unity and stability in uncertain times, while the assessment of economic conditions confirmed ongoing improvements albeit at a significantly reduced pace.