The Morning View: December 10, 2020

In this morning’s data, Initial Jobless Claims were 853,000 for the week ending December 5th, much higher than the 725k expected and Continuing Claims were 5,757,000 for the week ending November 28th, also more than expected. Meanwhile, the Consumer Price Index increased 0.2% in November and is up 1.2% on an annual basis, a tick higher than expected. Prices for Fuel Oil and Utility Gas Service increased in the month, while prices for Used Cars and Trucks decreased. The core rate, which excludes food and energy prices, was also up 0.2% in November and up just 1.6% on an annual basis. Overall, the initial claims data indicates more stress for the labor market as COVID-19 cases have increased in recent weeks bringing additional restrictions. The results highlight the importance of vaccines and are prodding further negotiation on stimulus efforts. Inflation remains benign as annual core rates are the same as the previous month and well below the Federal Reserve’s 2% average target. In all, bond yields are little changed and equity futures are lower 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.

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