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.
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.
