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The Morning View: January 8, 2021

Announced this morning, the economy lost jobs in December, falling -140,000, which is the first negative monthly print since April.  The Retail Trade and Construction industries were strong, while Leisure and Hospitality was very weak.  The Unemployment Rate held steady at 6.7%, a bit better than expected.  Average Weekly Hours were fell one tenth to 34.7 in December, highlighting some strain in the labor economy in recent weeks.  Overall a weak report, with a negative headline number that has continued to deteriorate in recent months and the unemployment rate held steady.  Despite the contemplation of additional fiscal stimulus efforts and vaccine distribution is underway, the labor market remains under pressure, highlighting the importance of these actions to get to an economic recovery.  In all, bond yields are little changed and equity futures are higher heading into the market open.



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