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The Morning View: January 15, 2021

In this morning’s data, Retail Sales for December fell -0.7%, worse than expected.  Non-store Retailers, Electronics & Appliances, and Food Service & Drinking Places were especially weak, while Gasoline Stations showed some strength.  The Control Group, which excludes sales for food, autos, building materials, and gas stations, fell -1.9% in December, much worse than expected.  In addition, the negative figures from the previous month were revised lower.  Overall, a difficult report indicating consumers are challenged as increasing cases and restrictions cramp their ability to spend.  This is highlighted by declines in dining (per OpenTable) and air traveler throughput (per TSA statistics), which are well below the totals from the previous year.  Accommodative monetary and fiscal policy are likely to continue for some time, to allow the economy to return to some state of normalcy.  In all, bond yields tick lower and equity futures are mixed as we head into the market open.  



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.