A Tightened Presidential Race Despite Good Jobs Figures

A Tightened Presidential Race Despite Good Jobs Figures

President Obama's lackluster performance in last week's debate spiced up the presidential race this week. A Pew poll showed Romney leading after he'd been trailing for months; conservative blogger Andrew Sullivan called the news "devastating" for Obama. Other polls show the race tightening in the key swing states of Florida and Virginia.

Meanwhile, unemployment numbers showed figures that are at their lowest since Obama took office. Last Friday's jobs report said that unemployment in September was at 7.8%, the first time it has dropped below 8% February 2009. Former GE CEO Jack Welch caused an outcry when he tweeted that Obama had fixed the jobs numbers to offset his poor debate effort.

The Federal Reserve's economic stimulus, announced in September and called QE3, is already lighting up activity in mortgage refinancing, to the benefit of homeowners and banks. Wells Fargo and JP Morgan Chase, two top lenders, will announce quarterly earnings Friday morning; analysts expect about $450 billion home loans were originated in the third quarter, a surge from the previous period.


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Despite the hopeful signs in the U.S., the International Monetary Fund cut its global outlook from its July forecast, giving the U.S. a 15% chance of a recession and the euro zone an 80% chance.

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image credit: Mark Taylor/ Flickr






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