Former Vice President Joe Biden pulled ahead in two critical states, Georgia and Pennsylvania, where ballot counts are ongoing. With President Donald Trump’s path to victory narrowing, the Biden campaign is planning a prime time speech tonight. And though it hasn’t happened yet, this is what goes into the decision to project a winner.  —David E. Rovella

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Here are today’s top stories

U.S. employment saw an uptick in October, according to the federal government, surpassing economist estimates. The unemployment rate fell by 1 percentage point to 6.9%, though the number of long-term jobless Americans surged and now makes up one-third of those out of work.

Stocks registered the biggest weekly increase since April with the labor market strengthening.

Consumer borrowing rose in September by twice as much as forecast, reflecting an acceleration in non-revolving credit such as auto loans and the first pickup in credit-card balances in seven months.

Senate Majority Leader Mitch McConnell of Kentucky and most Republican leaders have been unwilling to dispute Trump over his falsehoods concerning absentee ballots, state election officials and ongoing vote counts. Some, like House Minority Leader Kevin McCarthy of California and Senator Ted Cruz of Texas, are voicing support for Trump’s unsubstantiated claims of election malfeasance.

Senate Majority Leader Mitch McConnell

Photographer: Stefani Reynolds/Bloomberg

The U.S. Postal Service has been under fire by Democrats for allegedly seeking to disenfranchise likely Biden voters. On Thursday, USPS data revealed it failed to deliver at least 150,000 completed absentee ballots inside its facilities in time for Election Day, including more than 12,000 in five of the states that have yet to be called. The number is expected to increase as more data comes in. Postmaster General Louis DeJoy’s moves to radically reduce postal capacity in the run up to the election triggered state probes, lawsuits and calls for a criminal investigation of the Trump megadonor. On Thursday, things got worse, as DeJoy’s adjutants reported thousands of ballots in Pennsylvania and North Carolina had gone missing. Meanwhile, Republicans asked the U.S. Supreme Court to order Pennsylvania counties to segregate mailed-in ballots arriving after Nov. 3 so they can be thrown out if the GOP wins an ongoing legal challenge.

The grim progression has become familiar. First, infections rise. Then hospitalizations rise. Then deaths rise. In America, the third surge of coronavirus infections—which yesterday resulted in an unprecedented 126,000 confirmed cases alone—has been the largest. Now, more people are going to the hospital. Here is the latest on the pandemic.

Johnson & Johnson will soon start clinical trials of its Covid-19 vaccine in South Africa after getting regulatory approval. Here is the very latest on where treatments and potential vaccines for the coronavirus stand.

What you’ll need to know tomorrow

• AT&T is trying to unwind its M&A spree, but buyers are hard to find.
• After a pandemic setback, women make strides in U.S. job market.
• Brexit and a lockdown: U.K. businesses face the nightmare scenario.
• UBS sued for $500 million by a Chinese tycoon over deal gone bad.
• JPMorgan is getting bearish on Manhattan apartments.
• Twitter’s white-glove treatment of Trump ends if he loses.
• Rich Filipinos are boosting beach home sales near Manila.

What you’ll want to read in Bloomberg Pursuits

A Well-Built Flask Is More Needed Than Ever

Since ducking into a bar for a quick one is impossible for many, drinkers are taking libations into their own hands—and pockets. At least that’s what Sean Bandawat, president and owner of 201-year-old housewares maker Jacob Bromwell, has found. Now is the time to buy that flask you always wanted.

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