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Consumers in Michigan are optimistic, much more than expected per economic leading economic indicators released this morning. However, inflation is creeping higher as the Producer Price Index showed an increase of 0.8% for November.
Lockdowns in Democrat-run areas are spreading as the Left continues to try to break the U.S. economy (We have to let China take the lead!). News reports state the U.S. may begin to vaccinate certain high-risk population groups as soon as next week.
Financial markets were slightly lower on the day as stimulus talks drag on with no final agreement in Congress.
Producer Price Index (YoY) (Nov) printed at the consensus estimate of 0.8%.
Producer Price Index ex Food & Energy (YoY) (Nov) printed at 1.4% vs 1.5% estimate.
Producer Price Index ex Food & Energy (MoM) (Nov) printed at 0.1% vs 0.2% estimate.
Producer Price Index (MoM) (Nov) printed at 0.1% vs 0.2% estimate.
Michigan Consumer Sentiment Index (Dec) PREL printed at 84.1 vs 76.5 estimate.
Baker Hughes US Oil Rig Count printed at 258.
