Economic Commentary, Issue No. 1455

(SGS Subscription required) • Key Monthly Economic Numbers Turned Negative Anew in Fourth-Quarter 2020
• Narrowing Annual Declines in October and November Payrolls Stalled at 6.0% (-6.0%), But the Year-to-Year Drop in December 2020 Payrolls Deepened to 6.2% (-6.2%)
• An Increasing Number of Unemployed People Were Misclassified as Employed; Corrected December Unemployment Would Have Jumped, Instead of Holding at 6.7%
• December 2020 Real Retail Sales Declined for the Third Straight Month, and Fourth-Quarter 2020 Activity Relapsed into Quarterly Contraction
• December 2020 Cass Freight Index® Jumped Year-to-Year by 6.7%, but Its Two-Year Change Was Down 1.8% (-1.8%) from December 2018, Due to FOMC Tightening Contracting Intervening 2019 Activity
• Momentum of Fourth-Quarter Data Suggests a First-Quarter 2021 GDP Contraction, As the Pandemic and Political Tumult Take on Negative New Dimensions
• Federal Reserve Chairman Powell: “We Are a Long Way from Full Recovery”
• Latest Weekly Money Supply M1 Jumped an Unprecedented 72.3% Year-to-Year
• Severe, U.S. Dollar-Debasing Inflationary Pressures from Existing, Extreme Monetary and Fiscal Policies Are About to Get Much Worse
• Risk of Hyperinflationary Economic Collapse Has Accelerated With Democrats Taking Control of Both the White House and Congress
• Holding Physical Precious Metals Remains the Best Hedge Against Coming Inflation and Market Turmoil

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