Economy

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The US in December lost 140K non-farm payrolls jobs with the resurgance of Covid-19 as we saw with the weaker ADP report.. Unemployment is recovering after the Coronavirus hit the economy as people return to work. The unemployment rate was unchanged at  6.7% from November.

The Dallas Fed December manufacturing index a key measure of Texas state manufacturing conditions, fell to 9.7 vs 12.0 prior. Output rose to 25.5 vs 7.2 prior and New orders rose to 17.7 vs 7.2 prior.

Australia saw stronger than expected employment with full time jobs growth leading the way November, with Unemployment down to 6.8%. Positives included the participation rate at 66.1% and underemployment down 1% to 9.4%.

The NFIB Small Business Optimism Index fell 2.6 points in November to 101.4, lowest in 7 months but still well above the 47-year historical average reading of 98. 6 of the 10 Index components fell and 4 increased. The NFIB Uncertainty Index fell 8 points to 90, still a historically high reading. Owners expecting better business conditions over the next 6 months declined 19 points to a net 8%.

The US in November added 245K non-farm payrolls jobs with the resurgence of Covid-19 as we saw with the weaker ADP report.. Unemployment is recovering after the Coronavirus hit the economy as people return to work. The unemployment rate fell to 6.7% from 6.9% in October.

The US in October added 638K non-farm payrolls jobs despite the resurgance of Covid-19 leading to the weakest ADP report since July. Unemployment is recovering after the Coronavirus hit the economy as people return to work. The unemployment rate fell to 6.9% from 7.9% in September.

U.S. new vehicle sales fell the first time since April in October 0.8% to 16.21M SAAR missing consensus 16.50Me. Sales fell most in the light truck segment, sales of passenger vehicles held up. Car earnings give us insight into consumer trends.

The US manufacturing sector via the regional Chicago ISM Manufacturing PMI hit to the highest since September 2018 in October at 59.3% much higher than the 55.7% expected. New Orders Index highest level at 67.9% since January 2004

US Existing Home Sales in September 6.54 million much stronger than the expected up 9.4%% (est 5.0%; prev R 2.0%). This was the highest since 2006 at 6.30 million and previous (revised) 5.98M million. At 2.7m supply is the lowest since 1982 

Fitch ratings says the cumulative effect from the Covid crisis worse than the financial crisis of 2008-2010. The U.S. leveraged loan default rate to top high yield in 2021 as YTD Default Rate Hits 4%. Nearly 40 percent of the leisure/entertainment universe could default by YE 2021.

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