Nov. 6 - As a new U.S. president is elected, a look at the economy the winner will inherit. Bobbi Rebell reports.
The winner of the U.S. Presidential election inherits an economy that by most accounts is still muddling along. A major issue: a lot of Americans still don't have jobs. And even on Election Day new data showed job openings fell. UBS U.S. economist Kevin Cummins: SOUNDBITE: KEVIN CUMMINS, U.S. ECONOMIST, UBS (ENGLISH) SAYING: "We still have an unemployment rate that is still elevated- close to 8 percent so that is obviously the focus for now. And it will be in 2013." The national debt is spiraling: more than $16 trillion and growing. John Manley is the Chief Equity Strategist at Wells Fargo Advantage Funds: SOUNDBITE: JOHN MANLEY, CHIEF EQUITY STRATEGIST, WELLS FARGO ADVANTAGE FUNDS (ENGLISH) SAYING: "A lot of debt; we are in hock and we are getting more in hock all the time. Small growth; it's growing. There is no question about that. We are better off than a lot of other places but it's coming at a fairly high cost. " On a positive note, the housing market is beginning to thaw. The most recent report from S&P Case-Shiller showed home prices gaining traction. And new home sales surged in September according to the Commerce Department. A good housing market means a good consumer economy. And consumers drive 2/3rds of the U.S. economy. Consumer confidence rose in October to its highest level in more than four years. And the bottom line: GDP. The U.S. economy expanded at a 2 percent annual rate in the third quarter- not a great number- but better than the 1.3 percent growth of the second quarter. SOUNDBITE: JOHN MANLEY, CHIEF EQUITY STRATEGIST, WELLS FARGO ADVANTAGE FUNDS (ENGLISH) SAYING: "The pressure on the President of the United States, especially now with so many people so unhappy about things I think to deliver something that can be acceptable to more than just 51% of the population is a tremendously hard thing to do but it's going to have to be done." Also inherited- the economic impact of Superstorm Sandy - still being calculated.