| The stock market stumbles less than a week before Election Day; UK's Labour Party suspends former leader Jeremy Corbyn. Tonight's Sentences was written by Benjamin Rosenberg. | | | | | | | After strong third quarter, economy struggling again as Covid-19 cases rise | | | | | Michael Nagle/Xinhua/Getty Images | | - The US economy grew by 7.4 percent from July to September, gaining back two-thirds of its losses from earlier in the year. But as Covid-19 cases surge again, the economy has begun to backslide again in October. [Washington Post / Rachel Siegel and Andrew Van Dam]
- The growth is still not enough to undo the spring's losses — the decline between April and June was three times worse than any other quarter since the current method of record-keeping was first employed in 1947. And after an initial sharp rebound, recovery slowed beginning in July. [Vox / David Wilcox]
- With a new stimulus bill unlikely to pass before the end of the year, economists have said they are concerned about sluggish growth. With many states reinstituting restrictive measures against the virus, consumer spending could decrease again. [CNBC / Patti Domm]
- White House Chief of Staff Mark Meadows said Thursday morning that Americans "can rejoice" at the third-quarter numbers. But Democratic nominee Joe Biden's campaign manager noted that President Trump's rhetoric "does not capture the true direction or state of the US economy." [ABC News / Catherine Thorbecke]
- Weekly unemployment claims went down last week by about 40,000, but roughly 751,000 people still filed. Claims for Pandemic Unemployment Assistance (used by gig and self-employed workers), meanwhile, increased slightly to 359,000, and companies like Charles Schwab and Disney announced layoffs. [Washington Post / Eli Rosenberg]
- The stock market has also dropped this week, with the Dow Jones Industrial Average falling 943 points on Wednesday. President Trump has pointed to the economic growth in the third quarter as he seeks reelection, insisting the stock market will plummet if he loses. [Washington Post / Jeff Stein]
- The S&P 500 is also falling at its fastest rate since June, at 5.5 percent. This comes as Covid-19 cases reach an all-time high, with a record 85,000 new cases in the US last Friday. And scientists say the worst of the crisis is still yet to come. [Forbes / Dan Runkevicius]
- Democratic House Speaker Nancy Pelosi said the stock market plunge might encourage Trump to resume negotiating a stimulus bill after Election Day, even if he is defeated. The Senate so far has blocked all attempts at a new bill, however. [Business Insider / Joseph Zeballos-Roig]
- The presidential election matters less to the stock market than it might seem. Data shows the market actually cares more about which party controls Congress than the White House, and stocks typically do best when the two chambers of Congress are controlled by different parties. [USA Today / Jessica Menton]
| | | UK Labour Party suspends Jeremy Corbyn after report of anti-Semitism | | - The Labour Party, one of two major political parties in the United Kingdom, has suspended former leader Jeremy Corbyn after a report identified "serious failings" in his dealings with anti-Semitism while he was the leader. [CNN / Luke McGee and Jack Guy]
- The report, from the UK's Equality and Human Rights Commission, found that the Labour Party had "a culture within the party which, at best, did not do enough to prevent anti-Semitism and, at worst, could be seen to accept it." [Axios / Shane Savitsky]
- The current Labour Party leader, Keir Starmer, said the report brought "a day of shame" for the party, in announcing Corbyn's suspension. The suspension will remain in place while the party investigates Corbyn's remarks. [BBC News]
- Corbyn plans to fight the suspension, even though a plurality of Labour voters in a snap YouGov poll said it was the right decision. Corbyn acknowledged that anti-Semitism was an issue in his party Thursday, even while saying the scale of the problem was "dramatically overstated." [The Hill / Justine Coleman]
| | | | | | | As Covid-19 cases rise to record highs, many US states are reintroducing some restrictions that were in place during the early stages of the pandemic in the spring | | | [Washington Post / Joel Achenbach and Karin Brulliard] -
Miles Taylor, former chief of staff in the Department of Homeland Security, revealed Wednesday that he was the writer of an anonymous 2018 New York Times op-ed and subsequent book criticizing the Trump administration. [CNN / Jake Tapper and Jeremy Herb] -
Three people were killed in a terrorist attack in the southern French city of Nice on Thursday morning, adding to the unrest the country is experiencing right now. France instituted a second Covid-19 lockdown this week, and Muslims in the Middle East are staging a boycott of French goods. [Vox / Alex Ward] -
Voters in Chile on Sunday voted to scrap the country's dictatorship-era constitution and write a new one. The current constitution stems from the military dictatorship of Augusto Pinochet in the 1970s and '80s. [NPR / Bill Chappell] -
Several right-wing populist world leaders have voiced support for Trump ahead of his reelection bid, including Hungary's Viktor Orbán, Brazil's Jair Bolsonaro, the Philippines' Rodrigo Duterte, Serbia's Aleksandar Vucic, and Slovenia's Janez Jansa. [Washington Post / Miriam Berger] | | | | | "Winter lockdowns, fears about second and now third waves of infections, and tumbling stocks on the back of prospects for a crumbling economic recovery across Europe have put markets into full tumble mode." | | | | | | | | | | |
As you may have heard, there's a pretty important election coming up. That means it's time to bring back the one and only Nate Silver. [Spotify / Ezra Klein] | | | | | | | | |  | This email was sent to edwardlorilla1986.paxforex@blogger.com. Manage your email preferences, or unsubscribe to stop receiving all emails from Vox. If you value Vox's unique explanatory journalism, support our work with a one-time or recurring contribution. Vox Media, 1201 Connecticut Ave. NW, Washington, DC 20036.
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