Services And Manufacturing Beat Estimates, Trade Deficit Worsens

January 7, 2021

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Job numbers beat estimates in this morning's economic data, as America's negative trade balance widened. Services and manufacturing data also beat.

Financial markets headed higher after the certification of Joe Biden as President-Elect.

However, Biden immediately called for large tax increases, which will harm the Trump economy and return the United States to the Obama doldrums -- the old 'new normal'.

Challenger Job Cuts (Dec) printed at 77.03K.

Goods and Services Trade Balance (Nov) printed at -$68.1B vs -%65.2B estimate.

Continuing Jobless Claims (Dec 25) printed at 5.072M vs 5.2M estimate.

Goods Trade Balance (Nov) printed at -$86.4B estimate.

Initial Jobless Claims (Jan 1) printed at 787k vs 800k estimate.

Initial Jobless Claims 4-week average (Jan 1) printed at 818.75K.

ISM Services New Orders Index (Dec) printed at 58.5 vs 54.9 estimate.

ISM Services PMI (Dec) printed at 57.2 vs 54.6 estimate.

ISM Services Employment Index (Dec) printed at 48.2 vs 50.7 estimate.

ISM Services Prices Paid (Dec) printed at 64.8 vs 65.2 estimate.

Author

CDM Staff

The mission at Creative Destruction Media is to be the catalyst for the "process of industrial mutation that incessantly revolutionizes the economic structure from within, incessantly destroying the old one, incessantly creating a new one."