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The Morning View: December 31, 2020

Announced this morning, Initial Jobless Claims were 787,000 for the week ending December 26th, less than expected.  Continuing Claims were 5,219,000 for the week ending December 19th, also less than expected.  Overall, both measures are slightly better than estimates and lower than the previous week.  Improvement in the labor market continues, albeit slowly, and is welcomed, although the results are still well above pre-pandemic levels.  The upcoming December jobs report will be important to confirm the slow improvement and how the pandemic is currently affecting overall employment levels.  The longer employment conditions remain above pre-pandemic levels the greater likelihood it will delay the economic recovery.  In all, bond yields are little changed and equity futures are mixed this morning as we head into the market open.  We wish everyone a safe and happy New Year!

This material is intended to be for informational purposes only and is intended for current or prospective clients of Argent Trust Company. This information is obtained from sources believed to be reliable, and its accuracy and completeness are not guaranteed. Information does not constitute a recommendation of any investment strategy, is not intended as investment advice, and does not take into account all the circumstances of each investor. Forward-looking assumptions are Argent Trust Company’s current estimates or expectations of future events or future results based on proprietary research and should not be construed as an estimate or promise of results that a portfolio may achieve. Actual results could differ materially from the results indicated by this information. Investments can go down as well as up. Past performance is not a reliable indicator of future results.