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

DateEventSurv(M)ActualPriorRevised
12/07/20Consumer Credit$15.500b—$16.214b—
12/08/20NFIB Small Business Optimism102.5—104—
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 MoM——0.10%—
12/09/20Wholesale Inventories MoM0.90%—0.90%—
12/09/20JOLTS Job Openings6300—6436—
12/10/20Initial Jobless Claims725k—712k—
12/10/20Continuing Claims5210k—5520k—
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 NSA260.087—260.388—
12/10/20CPI Core Index SA269.601—269.296—
12/10/20Real Avg Hourly Earning YoY——3.20%—
12/10/20Real Avg Weekly Earnings YoY——4.40%—
12/10/20Bloomberg Consumer Comfort——49.3—
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 YoY——0.80%—
12/11/20U. of Mich. Sentiment76—76.9—
12/11/20U. of Mich. Current Conditions——87—
12/11/20U. of Mich. Expectations——70.5—
12/11/20U. of Mich. 1 Yr Inflation——2.80%—
12/11/20U. of Mich. 5-10 Yr Inflation——2.50%—

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