Don't Count on Election to Boost Housing

The last economic data to be released before the election has given no advantage to either candidate. We did pick up171,000 jobs in October, a little better than forecast, and revised up another 84,000 in prior months.

However, the average workweek was unchanged for the fourth month in a row, and hourly earnings fell slightly, over the last year rising only 1.6 percent. "U-6" -- the measure of unemployment including "involuntary part-time" -- is still 14.6 percent.

On net a brighter sign than the jobs report: the ISM survey of manufacturing in October crawled 0.2 further into positive ground at 51.7.

Markets are flat, I think suppressed more by the election than anything, although stocks are clearly hurt by diminished earnings. Foreign action has also been muted and deferred by our election, especially in Europe.

So, Wednesday morning -- assuming we know the election results by then -- how will events and markets break from months of unnatural quiet?

1. We'll know by then. The 2000 election was a coin toss like this one, but the damned thing won't land on its edge again ... not twice in four tries.
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