Republicans and Democrats are making final campaign appearances this weekend ahead of the November 3 midterm elections. Candidates and party officials are scheduled to appear on major Sunday news programs to address voter concerns regarding the economy, which polling shows remains a primary issue for the electorate. President Trump scheduled rallies in Kansas and Iowa for Sunday, November 1, reversing an earlier decision to cancel events in battleground states.
The elections take place amid a period of mixed economic indicators. The Commerce Department reported that the U.S. economy grew at an annual rate of 3.4% in the third quarter, an increase from 2.2% in the previous quarter. However, headline inflation rose to 3.6% in September, which NPR reported is higher than when President Trump returned to the White House. While the national unemployment rate is 4.2%, payroll data for September showed the addition of 29,000 jobs, a figure described by Moody’s Analytics Chief Economist Mark Zandi as inconsistent with a healthy labor market.
Voter attention is also focused on international and regulatory matters. The Treasury Department announced Friday, October 30, that "Operation Economic Outcast"—an economic pressure campaign including a naval blockade and sanctions—has resulted in 90% inflation in Iran. Domestically, the Federal Reserve maintained current interest rates this week, though mortgage rates for a 30-year fixed loan remain approximately 7.25%. Nonpartisan handicapper Decision Desk HQ projected on Saturday that Democrats have an 83% probability of winning the House and a 63% probability of winning the Senate.
Prospective homebuyers and current owners are also affected by the economic climate surrounding the election. With 30-year mortgage rates at 7.25%, the housing sector has seen negative growth in eight of the last ten quarters. The election results will likely shape the administration's continued use of "Operation Economic Outcast" and other trade actions, which Treasury Secretary Scott Bessent reports have already significantly impacted global markets. Voters in battleground states like Iowa, Georgia, and Pennsylvania will see the most immediate concentration of these policy debates as candidates make their final appeals.
The next steps in the election cycle begin on Sunday, November 1, with scheduled appearances by Treasury Secretary Scott Bessent, DNC Chair Ken Martin, and various governors and senators across Sunday morning news programs. President Trump is scheduled to hold rallies in Kansas and Iowa the same day. Following these final pitches, polls will open nationwide for the midterm elections on Tuesday, November 3. Official employment numbers for October are expected to be released in the coming week, providing further data on the job market's trajectory.