After nearly a week of counting votes in swing states, Joe Biden was declared the winner of the 2020 Presidential Election. Biden gained the victory Saturday morning when a close race in Pennsylvania was called in his favor, pushing his candidacy above the required 270 Electoral College vote threshold. While a few races are still yet to be called, it appears that the Democratic Party will continue their control of the US House of Representatives. However, control of the Senate may not be decided until January when a runoff election will be held in Georgia for their two seats.
Like the 44th President for whom he served as Vice President, Barack Obama, Mr. Biden will likely inherit a challenged economy. When taking office in 2009, the US was in the middle of one of the worst financial crises in history, and today the US continues to recover from a national health crisis and recession related to the COVID-19 pandemic. The October employment report stated that the headline unemployment rate was 6.9%, and last week it was announced that 7.3 million Americans filed for continuing unemployment insurance as of late October. While both figures are significantly elevated relative to long-term averages, both have been steadily improving throughout the year.
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 Source: St. Louis Federal Reserve
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