December 7, 2020 Headlines

Overnight headlines suggesting Brexit negotiations were on the verge of collapse (again) is sparking a bid for Treasuries this morning. Also contributing to this morning’s negative sentiment are reports the U.S. is poised to levy new sanctions on Chinese officials over Hong Kong. Somewhat offsetting these macro concerns is growing optimism expressed by a bipartisan group of Senators that a new Covid aid package could be agreed to later this week. This week’s economic calendar is relatively light from a data perspective, but market participants will continue to pay close attention to the weekly jobless claims data, even if it does now come with an accuracy disclaimer. The November CPI report will also be released on Thursday.   

Jason Haley
Chief Investment Officer

Date Event Surv(M) Actual Prior Revised
12/07/20 Consumer Credit $15.500b $16.214b
12/08/20 NFIB Small Business Optimism 102.5 104
12/08/20 Nonfarm Productivity 4.90% 4.90%
12/08/20 Unit Labor Costs -8.90% -8.90%
12/09/20 MBA Mortgage Applications -0.60%
12/09/20 Wholesale Trade Sales MoM 0.10%
12/09/20 Wholesale Inventories MoM 0.90% 0.90%
12/09/20 JOLTS Job Openings 6300 6436
12/10/20 Initial Jobless Claims 725k 712k
12/10/20 Continuing Claims 5210k 5520k
12/10/20 CPI MoM 0.10% 0.00%
12/10/20 CPI Ex Food and Energy MoM 0.10% 0.00%
12/10/20 CPI YoY 1.10% 1.20%
12/10/20 CPI Ex Food and Energy YoY 1.60% 1.60%
12/10/20 CPI Index NSA 260.087 260.388
12/10/20 CPI Core Index SA 269.601 269.296
12/10/20 Real Avg Hourly Earning YoY 3.20%
12/10/20 Real Avg Weekly Earnings YoY 4.40%
12/10/20 Bloomberg Consumer Comfort 49.3
12/10/20 Household Change in Net Worth $7607b
12/10/20 Monthly Budget Statement -$200.0b -$284.1b
12/11/20 PPI Final Demand MoM 0.10% 0.30%
12/11/20 PPI Ex Food and Energy MoM 0.20% 0.10%
12/11/20 PPI Ex Food, Energy, Trade MoM 0.20% 0.20%
12/11/20 PPI Final Demand YoY 0.70% 0.50%
12/11/20 PPI Ex Food and Energy YoY 1.50% 1.10%
12/11/20 PPI Ex Food, Energy, Trade YoY 0.80%
12/11/20 U. of Mich. Sentiment 76 76.9
12/11/20 U. of Mich. Current Conditions 87
12/11/20 U. of Mich. Expectations 70.5
12/11/20 U. of Mich. 1 Yr Inflation 2.80%
12/11/20 U. of Mich. 5-10 Yr Inflation 2.50%

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