While it was still unconfirmed who the next President will be, stock market investors partied and pushed up prices sharply. The number of new coronavirus cases surged to record levels over 100,000 a day. Unemployment trends improved dramatically while the Federal Reserve expressed concern about the economic outlook. Let me catch you up on the events of the week and give you a way to save money on loans through peer-to-peer lenders. I’m Jordan Goodman, America’s Money Answers Man and this is the Money Answers Week in Review.
The election results did not turn out the way pollsters who predicted a Blue Wave expected. The race for President has been extremely close and hangs by razor thin margins in states such as Nevada, Arizona, Pennsylvania and Georgia. Even if Joe Biden gets 270 electoral votes, Republicans are going to challenge that result with lawsuits that could extend the final outcome for a long time. The Senate is likely to keep its Republican majority which will make it difficult for Joe Biden to implement any of his agenda. That is why the stock market surged because gridlock in government will intensify and there will be no new big tax increases or more regulatory burdens on business.
The number of new coronavirus cases is skyrocketing to over 100,000 a day. There have now been over 9.5 million cases and over 233,000 deaths in America.
Economic numbers improved dramatically as the number of initial jobless claims fell to 751,000 from 758,000 last week. The unemployment rate plummeted from 7.9% to 6.9% and 638,000 new jobs were created in October. Still several big companies announced major layoffs with 11,000 being furloughed at Boeing and 1900 jobs being cut at Exxon Mobil. The Federal Reserve did not change interest rates at their meeting on monetary policy. Fed chairman Powell expressed concern that the economy was contracting because of the shutdowns being imposed by states as the virus keeps surging while there has been no new stimulus from Congress.
You may find that you need to get a personal loan if your income has been cut and you need to pay your bills. An alternative to banks that may give you a better deal is my affiliate peer to peer lending platform Prosper where you can borrow up to $40,000. People agree to lend money at interest rates that are lower than banks charge so they can earn a higher yield than banks are paying on savings accounts. Find out more about Prosper in the link in the video description.
I want you to have the tools and knowledge to navigate these very tricky times so you can improve your personal finances. I’m Jordan Goodman and this has been the Money Answers Week in Review for the week of November 6.