Contrary to what “the consensus” expected, workers supporting the U.S. economy were fewer in number after the month of December … as the virus continues to take a toll on employment.
And the market reaction? Another yawn, as investors appear to have the future in mind. There seems to be a lot of money on the sidelines and I have heard more than a few give the view that this will be like “the Roaring 20s” … with visions of party after party as we collectively celebrate our pent up demand for fun and inebriation.
Of course, we all know how the decade of the 20s ended … but we won’t have any of the same problems due to excessive behavior. We’re smarter this time.
What I found interesting this morning was a graph by Saville Research which shared a troubling statistic, showing the number of Manhattan office vacancies is the highest it has been in over a century. I don’t know about you, but I have gotten used to this “work out of my home” thing. I mean, the internet works well and the refrigerator is fully stocked and so close to me. What could possibly be better?
I do apologize in advance as my writing will be quite choppy next week … and I will probably miss some days (if not all). I am grading an industry exam and … it is tough to explain … but it really takes a lot of time and, more importantly, requires a lot of dedicated non-distracted focus.
So today I have to finish some “real” work along with long-neglected house projects.
The problem is that when I try to do projects around the home, I usually look for tools in a very messy garage. And when I can’t find a tool right away? I buy another one.
So I did some cleaning and took an inventory last night … finding out I have something like 20 screwdrivers, 8 hammers and 10 paintbrushes … and a crowbar that I never used … so I got to thinking about something someone once told me …
Before crowbars were invented crows probably had to drink at home.
Have a great day.
Joseph G. Witthohn, CFA
Emerald Asset Management PA, LLC
610 Freedom Business Center Drive
King of Prussia, PA 19406
Direct: (610) 285-9905
cell: (856) 625-7915
… As of 11:55 AM today …
Quick Look at the News
With the virus continuing to spread, the economy hit a bit of a speed bump … as jobs in the U.S. declined in December … with hospitality positions affected most of all (CNBC)https://www.cnbc.com/2021/01/08/jobs-report-december-2020.html
… but there is hope on the horizon, for as the number of vaccinated people increase so will the amount of people willing to fly … venture into stores … stay at hotels … eat out (RealClearScience)https://www.realclearscience.com/articles/2021/01/08/how_many_people_need_to_get_vaccinated_to_stop_the_coronavirus_655808.html
The beef industry could face decline if people decide to switch over to alternatives. But, though I use “fake meat” on occasion … I still feel the smell and taste of a good steak wins (TheGuardian)https://www.theguardian.com/environment/2021/jan/08/lets-get-rid-of-friggin-cows-why-one-food-ceo-says-its-game-over-for-meat-aoe
You do have to wonder how far the pro-environment movement will advance. Some are even starting to question banks that loan to firms seen as “climate problems.” (Aljazeera)https://www.aljazeera.com/economy/2021/1/7/plastic-under-scrutiny-bank-lending-to-industry-faces-opposition
… for climate seems to be on everyone’s mind of late … and two countries, Norway and The Netherlands, have made great inroads into electric vehicle use (Electrek)https://electrek.co/2021/01/08/the-netherlands-69-all-electric-market-share/
I do many things online … so I was happy to learn I may not have to leave my home to play the lottery. I don’t play often … but with hundreds of millions of dollars in prizes, I must (CNBC)https://www.cnbc.com/2021/01/08/mega-millions-and-powerball-jackpots-reach-nearly-1-billion-.html