Guilty pleasures The 2020 presidential election didn’t just increase voter turnout, it also increased sales of some guilty pleasures. Orders for food, alcohol and marijuana spiked on Election Day as Americans watched for electoral results in the race between President Donald Trump and former Vice President Joe Biden, several companies told USA Today.
October increase: The U.S. job market showed a burst of strength in October, with employers adding 638,000 jobs and the unemployment rate tumbling to 6.9%. Still, the pace of hiring isn’t enough to rapidly soak up the millions of Americans who were thrown out of work by the pandemic recession. October’s increase was slightly below the 672,000 jobs that were added in September and far fewer than the 1.5 million in August. But last month’s gain was stronger than it appears: It was held down by the loss of about 150,000 temporary census jobs. Read the full story.
Record low: Mortgage rates fell to a record low for the 12th time this year, according to government-sponsored mortgage-finance company Freddie Mac, as the nail-biting election and signs of a COVID-19 resurgence cast the future into doubt. The average rate for a 30-year fixed-rate mortgage fell to 2.78% last week, down from 2.81% the week before and 3.69% a year ago. The average rate for a 15-year fixed-rate mortgage was 2.32%. The Houston Chronicle has the full story.