saying. in obama law 63 seats famously in 2010. shellacking. shellacking. trump lost 41, both in the first midterms. even in their second midterms, bush and obama both lost 30 and 11. it is traditional, but these numbers, obviously, point you to a pretty ugly result in the house. then on the senate side, if you assume that because of the shift in the sentiment, that a democrat in a state where biden lost by less than 9% is endangered, there are at least four senate seats that are very much on the endangered list, plus others where anything could happen. we know history is working against democrats, as you laid out. what specifically now is working against them? what are some of the elements? as you say, the white house says we ve dug ourselves out. we ve begun to almost dig ourselves out of this covid hole financially with all the res pew packages. unemployment, 3.6%. more jobs than we could possibly fill.
the october jobs report just out, chief business correspondent christine romans here with that. getting people back to work in october. this is a good number here. 531,000 net new jobs added back into the economy in october. and the jobless rate falls more than expected to 4.6%. let s look at the trend here, you can see that august and september were revised higher, john. that means a little bit better hiring than we feared. we feared that strong summer. this is the delta variant slowing that brisk job creation, now coming back. some economists have been telling me they think that hurricane ida might have been a depressive factor in jobs creation. also kids were just getting back to school, back to school about six weeks now, maybe that allows some people to go out there and look for work. how does it look for the recovery? still down in the recovery, this is what we have lived through, john, every month, looking at job creation slowly, steadily digging out of this covid hole here, w
if they get the bill passed and it s basically we re going to send this to the president as soon as the senate votes on the infrastructure reconciliation package, then we ve got a deal. and then i think we get a quite remarkable message. if we had sat on january 20th at the biden inaugural and said he s got a 50/50 senate and three-vote margin in the house and within his first year there is going to be almost $5 trillion in remarkable, transformative spending, to get people out of the covid hole and completely change the way we deal with physical and human infrastructure, creating jobs and a real cushion for working class, middle class, and poor people we would have said that would be nothing short of a miracle. when that happens, if that happens, all of this will be put into the back rear view mirror. all of that is historically true. this is historic legislation no
reconciliation package, then we ve got a deal. then i think we get a quite remarkable message. if we had set on january 20th at the biden inaugural and said that he s got a 50/50 senate, and a three vote margin in the house, and within his first year there s going to be almost five trillion dollars in remarkable transformative spending. to get people after the covid hole, and to completely change the way we deal with physical and human infrastructure, creating jobs and a real cushion for working class, middle class, and poor people. we would ve said, that would be nothing short of a miracle, well when that happens, if that happens. all of this will be put into the back of a rearview mirror. yes, all of that is historically true, this is historic russ just station, of or what version they end up doing. it s just an enormous achievement. however the democrats have met
of infections. and of course then you are just in time for the autumn, just in time for winter, and another possible wave all over again. miguel, thank you so much for that. and so vaccinations one of the reason this is economy has managed to crawl out of the covid hole. gdp back to its pre-pandemic size growing at a rate of 6.5%, fastest since last fall. you can see the two red bars there, that is where the pandemic caused the economy to post its worse gdp drop in history. but it has been roaring back to life since then. dow and s&p touched all-time highs during the day. fell short of setting records by the close. tech earnings have been amazing in the second quarter. even boeing and ford made money shaking off disruptive travel and chip shortages. the risk now is the delta variant, why so many companies are requiring workers to be vaccinated or face onerous testing and quarantine protocols or lose their job.