U.S. Jobs, Argentina’s Orthodox Policy, Mexico Tariffs: Eco Day

Welcome to Friday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help take you through to the weekend.

  • It’s U.S. jobs report day:
    • The U.S. labor market probably extended its rebound last month, though the outlook for continued job growth is weakening for whichever candidate wins the White House
    • Don’t miss Bloomberg Economics’ preview
    • Federal Reserve Chair Jerome Powell opened the door to a possible shift in the central bank’s bond purchases in coming months, saying that more fiscal and monetary support are needed as rising Covid-19 infections cloud the outlook
    • Control of the Senate may not be known until at least Jan. 5, as both Georgia Senate races look likely to head for a runoff. This matters for 2021 U.S. GDP, as it widens a narrow path to a Democratic sweep of Congress and the presidency. Accompanying stimulus, which could top $2 trillion, implies growth above 5% year-over-year, according to Bloomberg Economics
  • Canada also publishes jobs numbers today, with economists forecasting just 58,000 net jobs added in October
  • Mexico will be excluded from any potential tariffs that the U.S. applies to electrical steel from other countries on national-security grounds after agreeing to monitor its exports for transshipment
  • Chile’s inflation unexpectedly sped up in October as the easing of virus lockdowns fueled demand and prices of items ranging from services to apparel
  • After tightening capital controls several times, Argentina’s government surprised investors by altering its tack in what appears to be an incipient effort to restore confidence
  • Finally, catch up on this week’s Stephanomics podcast

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