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

12/07/20Consumer Credit$15.500b$16.214b
12/08/20NFIB Small Business Optimism102.5104
12/08/20Nonfarm Productivity4.90%4.90%
12/08/20Unit Labor Costs-8.90%-8.90%
12/09/20MBA Mortgage Applications-0.60%
12/09/20Wholesale Trade Sales MoM0.10%
12/09/20Wholesale Inventories MoM0.90%0.90%
12/09/20JOLTS Job Openings63006436
12/10/20Initial Jobless Claims725k712k
12/10/20Continuing Claims5210k5520k
12/10/20CPI MoM0.10%0.00%
12/10/20CPI Ex Food and Energy MoM0.10%0.00%
12/10/20CPI YoY1.10%1.20%
12/10/20CPI Ex Food and Energy YoY1.60%1.60%
12/10/20CPI Index NSA260.087260.388
12/10/20CPI Core Index SA269.601269.296
12/10/20Real Avg Hourly Earning YoY3.20%
12/10/20Real Avg Weekly Earnings YoY4.40%
12/10/20Bloomberg Consumer Comfort49.3
12/10/20Household Change in Net Worth$7607b
12/10/20Monthly Budget Statement-$200.0b-$284.1b
12/11/20PPI Final Demand MoM0.10%0.30%
12/11/20PPI Ex Food and Energy MoM0.20%0.10%
12/11/20PPI Ex Food, Energy, Trade MoM0.20%0.20%
12/11/20PPI Final Demand YoY0.70%0.50%
12/11/20PPI Ex Food and Energy YoY1.50%1.10%
12/11/20PPI Ex Food, Energy, Trade YoY0.80%
12/11/20U. of Mich. Sentiment7676.9
12/11/20U. of Mich. Current Conditions87
12/11/20U. of Mich. Expectations70.5
12/11/20U. of Mich. 1 Yr Inflation2.80%
12/11/20U. of Mich. 5-10 Yr Inflation2.50%

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