Dec Jobs Implode, Employers Pull Back In Face Of Biden Presidency

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Forming Bread Line at Jefferson Square, NYC 1906

Non-farm Payrolls missed massively this morning as employers are now facing the end of the ‘Trump economy, and the restart of Obama’s ‘new normal’. Jobs were down 140k when 70k were expected to be added, a massive difference of 210k. Lockdowns in Democratic-run states also impacted the jobs number.

Financial markets treaded water, and ended slightly higher, but look precariously overvalued in the face of coming tax increases and re-regulation.

The massive uncertainty now being injected into financial markets will have an impact — the question is when.

Non-farm Payrolls (Dec) printed at -140k vs +71k consensus estimate.

Average Hourly Earning (YoY) (Dec) printed at 5.1% vs 4.4% estimate.

Average Weekly Hours (Dec) printed at 34.7 vs 34.8 estimate.

Labor Force Participation Rate (Dec) printed at 61.5%.

Average Hourly Earnings (MoM) (Dec) printed at 0.8% vs 0.2% estimate.

U6 Underemployment Rate (Dec) printed at 11.7%.

Unemployment Rate (Dec) printed at 6.7% vs 6.8% estimate.

Wholesale Inventories (Nov) printed at 0% vs -0.1% estimate.

Baker Hughes US Oil Rig Count printed at 275.

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