Campaign Spending: The Hidden Boost Behind U.S. Consumer Resilience

Published on November 5, 2026

Following the U.S. midterm elections, investors will naturally focus on what the results mean for fiscal policy, geopolitics, and the regulatory outlook. But there’s another more immediate way the midterms have already mattered for the economy: The campaigns themselves have provided a meaningful boost to U.S. growth.

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Unemployment Insurance Weekly Claims Report

November 5, 2026
In the week ending October 31, the advance figure for seasonally adjusted initial claims was 189,000, a decrease of 6,000 from the previous week's revised level. The previous week's level was revised up by 1,000 from 194,000 to 195,000. The 4-week moving average was 194,750, a decrease of 2,250 from the previous week's revised average. The previous week's average was revised up by 250 from 196,750

Cutting Back on Equities as Financial Conditions Offer Less Support

November 5, 2026
Equity markets are caught between tighter liquidity conditions and increased geopolitical uncertainty on the one hand, and solid economic growth and corporate earnings on the other. We have consequently reduced our exposure to stocks leading into year end.