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Productivity Drops More Than Expected

A Terrified Wall Street Reacts To The Nu Variant

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Productivity crashed more than expected in economic data released this morning. Perhaps the Covid-tyranny is not good for workers and for the economy.

The U.S. trade imbalance did contract slightly. Some analysts see this as increased global demand and another data point for the Fed to take its foot off the QE gas.

Consumer debt rose.

Goods and Services Trade Balance (Oct) printed at -$67.1B vs -$67.5B consensus estimate.

Goods Trade Balance (Oct) printed at -$83.2B.

Non-Farm Productivity (Q3) printed at -5.2% vs -4.9% estimate.

Unit Labor Costs (Q3) printed at 9.6% vs 8.4% estimate.

Consumer Credit Change (Dec) printed at $16.9B.

API Weekly Crude Oil Stock (Dec 3) printed at -3.089M.

IBD/TIPP Economic Optimism (MoM) (Dec) printed at 48.4.

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