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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