Morning Wire Landslide Win in El Salvador & E.V. Demand Slows | 2.10.24
Feb 10, 2024
El Salvador's president scores a major electoral win, showcasing his tough anti-gang tactics while facing backlash over his authoritarian style. Economists question the validity of recent job reports amid rising inflation worries. The electric vehicle market is experiencing a slowdown, with automakers re-evaluating strategies and consumer demand faltering. As the 2024 elections approach, shifts in EV production are stirring concerns among auto workers, illustrating the intersection of politics and industry in a changing economy.
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Bukele's Landslide Victory
- Nayib Bukele, El Salvador's president, won reelection with 83% of the vote after a controversial crackdown on gangs.
- His party also secured a majority in the country's congress.
Overestimated Job Growth
- Economists suggest that initial job reports under the Biden administration have consistently overestimated job growth.
- These overestimations, while later revised, create a misleadingly positive economic image.
EV Demand Falters
- Despite government incentives, demand for electric vehicles (EVs) is lagging, causing automakers to scale back production targets.
- This poses a challenge to the Biden administration's EV adoption goals.