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Where Donald Trump still looks vulnerable

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Donald trump loves to crow about his big crowds and smashing victories, even when he has to stretch the truth. His record-breaking performance in the Iowa Republican caucuses required no exaggeration. He enjoyed the largest margin of victory for any contested Republican caucus in the state’s history. Among Republicans he may be better understood as an incumbent president seeking re-election than as the insurgent outsider he performs at rallies. But Mr Trump’s dominance of the party faithful is no guarantee of success in November. What can the results of the earliest caucus reveal about his prospects for a general election still ten months away?

Those who endeavour to draw sweeping conclusions from quirky, low-turnout contests like the Iowa caucuses do so at their peril. Iowa (with its whiter-than-average population) and caucuses (which draw more engaged and older voters) tend not to reflect the American electorate. This year, only some 15% of registered Republicans in Iowa showed up to vote. Despite these caveats, the very first contest on the long road to election day can offer a glimpse into Mr Trump’s 2024 coalition. While the former president showed strength across all demographic segments, the results suggest he remains comparatively weaker among the college-educated and suburban voters who probably cost him the election in 2020.

In 2016 Mr Trump came in second in the Iowa caucuses, winning 37 of 99 counties. This year he won 98, losing only Johnson County, which is home to the University of Iowa, by one vote. Entrance polls, which survey voters before they enter their caucus site, indicate why. According to one such poll, AP VoteCast, 31% of college graduates said they would vote for Mr Trump, just barely edging out Ms Haley and Mr DeSantis, who polled at 30% each. Mr Trump’s divided primary opposition masked his weakness with this segment.

Entrance polls, like their better-known sibling the exit poll, are notoriously noisy and unreliable as samples of wider populations. But The Economist’s county-level analysis of Mr Trump’s vote share shows a similar pattern. Across the ten most educated counties in Iowa Mr Trump won 42% of the vote, compared with 66% across the ten least educated ones. And this analysis also points to a weakness among suburban voters. Mr Trump received an estimated 43% of the suburban vote in contrast to 60% of the rural vote.

Image: The Economist

Mr Trump lost in 2020 in part because of gains Democrats made among college-educated and suburban voters. According to data from Catalist, a political-data firm that helps Democrats, whereas college-educated white voters were split between Hillary Clinton and Mr Trump in 2016, in 2020 he lost those voters by nine points. His share of suburban white voters fell similarly. The Iowa caucuses suggest he may still have a problem with these groups. On January 15th Mr Trump failed to crack 40% of the vote in only four counties: Dallas, Johnson, Polk and Story, counties that are disproportionately educated and suburban (see map).

Mr Trump may overcome this vulnerability by attracting yet more non-college voters away from the Democrats. The political logic of his nativist populism is to do just that. And it seems likely that many voters like the suburban Iowans who caucused for Ms Haley or Mr DeSantis will make their way to Mr Trump’s camp come November. But despite broad support overall among Republicans, his narrower margins among some key parts of the electorate could also presage struggles in the general election. Mr Trump may be building a winning coalition for November, but its makeup is not stable.

Economics

UK inflation September 2024

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The Canary Wharf business district is seen in the distance behind autumnal leaves on October 09, 2024 in London, United Kingdom.

Dan Kitwood | Getty Images News | Getty Images

LONDON — Inflation in the U.K. dropped sharply to 1.7% in September, the Office for National Statistics said Wednesday.

Economists polled by Reuters had expected the headline rate to come in at a higher 1.9% for the month, in the first dip of the print below the Bank of England’s 2% target since April 2021.

Inflation has been hovering around that level for the last four months, and came in at 2.2% in August.

Core inflation, which excludes energy, food, alcohol and tobacco, came in at 3.2% for the month, down from 3.6% in August and below the 3.4% forecast of a Reuters poll.

Price rises in the services sector, the dominant portion of the U.K. economy, eased significantly to 4.9% last month from 5.6% in August, now hitting its lowest rate since May 2022.

Core and services inflation are key watch points for Bank of England policymakers as they mull whether to cut interest rates again at their November meeting.

As of Wednesday morning, market pricing put an 80% probability on a November rate cut ahead of the latest inflation print. Analysts on Tuesday said lower wage growth reported by the ONS this week had supported the case for a cut. The BOE reduced its key rate by 25 basis points in August before holding in September.

Within the broader European region, inflation in the euro zone dipped below the European Central Bank’s 2% target last month, hitting 1.8%, according to the latest data.

This is a breaking news story and will be updated shortly.

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Economics

Why Larry Hogan’s long-odds bid for a Senate seat matters

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FEW REPUBLICAN politicians differ more from Donald Trump than Larry Hogan, the GOP Senate candidate in Maryland. Consider the contrasts between a Trump rally and a Hogan event. Whereas Mr Trump prefers to take the stage and riff in front of packed arenas, Mr Hogan spent a recent Friday night chatting with locals at a waterfront wedding venue in Baltimore County. Mr Hogan’s stump speech, at around ten minutes, felt as long as a single off-script Trump tangent. Mr Trump delights in defying his advisers; Mr Hogan fastidiously sticks to talking points about bipartisanship, good governance and overcoming tough odds. Put another way, Mr Hogan’s campaign is something Mr Trump is rarely accused of being: boring. But it is intriguing.

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Economics

Polarisation by education is remaking American politics

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DEPENDING ON where exactly you find yourself, western Pennsylvania can feel Appalachian, Midwestern, booming or downtrodden. No matter where, however, this part of the state feels like the centre of the American political universe. Since she became the presumptive Democratic presidential nominee, Kamala Harris has visited Western Pennsylvania six times—more often than Philadelphia, on the other side of the state. She will mark her seventh on a trip on October 14th, to the small city of Erie, where Donald Trump also held a rally recently. Democratic grandees flit through Pittsburgh regularly. It is where Ms Harris chose to unveil the details of her economic agenda, and it is where Barack Obama visited on October 10th to deliver encouragement and mild chastisement. “Do not just sit back and hope for the best,” he admonished. “Get off your couch and vote.”

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