Christiane and ben next have a lot to get to so lets get started. Heres a headline that will surprise no one in 2020 the u. S. Economy had its worst performance in 74 years since the end of world war 2 it contracted 3. 5 percent now this was of course because of the coronavirus lockdowns and the impact of the worldwide pandemic so whats in store for 2021 especially in an economy that remains so uncertain joining me now to discuss this and more. On it chrystia i ben lets start with you can you give us a rundown of how the economy did or didnt perform in 2020. Yeah i mean as you said in the beginning here its really no surprise to anybody the economy did not do well contract at 3. 5 percent as you said the worst its done since 1946 so its been a long time since the economys contracted that much in a single year and that came off of the 2. 2 percent growth that we saw the year before in 1900 the bottom line here is this is basically every sector was down because of the coronavirus with th
This is a boom bust the one business show you cant afford to miss. In washington coming up u. S. G. D. P. Close out 2020 at its worst rate since 1046. 00 and shrank by 3. 5 percent and the game stop saga continues as robin hood and other Major Trading partners are stressed in trading as the battle between wall street and small investors continues well explain what this means for future trading with the us pros with christiane and ben next have a lot to get to so lets get started. Heres a headline that will surprise no one in 2020 the u. S. Economy had its worst performance in 74 years since the end of world war 2 it contracted 3. 5 percent now this was of course because of the coronavirus lockdowns and the impact of the worldwide pandemic so whats in store for 2021 especially in an economy that remains so uncertain joining me now to discuss this and more. On it chrystia i ben lets start with you can you give us a rundown of how the economy did or didnt perform in 2020. Yeah i mean as y
Net 245 thousand people went back to work in november. That is significantly slower than we have seen every month since we started gaining again. Private payrolls, only 344,000. Last month in october, that was 877,000. The unlimit rate does fall to 6. 7 , but that is in large part because fewer people were in the labor force looking for jobs. Heres the thing that i think is really going to be important as we look at how the pandemic reshaped the economy. You look at what happened with retail hiring. 35,000 jobs lost in retail in a month when they are usually hiring for holiday sales. Createdad 118,000 jobs in the warehousing and courier sectors, which are the people who work for the online sales departments. It is a real change. Finally, the total labor force is still 9. 8 million below where it was in february. So no matter how well we have come back, no matter what that initial v looks like, it is starting to flatten out now, and you still have almost 10 Million People who had jobs i
The year dow is set for a record close, approaching 30,000 with 59 minutes left of trade. Up 1 2 on the dow sara 29,830 currently. Coming up todays show, we are waiting president elect biden to make some comments on the economy. His economic plan that should come any minute. We will take you there live. In the meantime, a rare interview with operation warp speeds dr. Slaoui he will weigh in on the moderna news and what the rollout will look like. Plus the positive vaccine theus with mark moabious his eye on emerging markets. And mike wilson saying next year will be all about earnings we will discuss with Morgan Stanleys chief u. S. Equity specialist mike santoli joins us. Meg tirrell has the latest on covid19 news. Eamon javers will go over president elect biden speech on the economy when we get there. Lets start with mike santoli. We below on the s p 500 where we were this morning, by about a third of a percent below last monday mornings high about a third of a percent but looking at
Nasdaq declined. 82 there is only one thought. Good, they all got a chance to buy. Not long ago on days like this we say oh boy, i got to get out of here while it is getting good who knows what it is going to happen with this thing it is going to roll over now we often see pull backs like this as opportunities that are too precious to swander. How do we explain the new mindset . I think because we broken the tyranny of the indexers. When the fed says something positive or when we get solid employment number. Either way, we were in the throw to these big macro events. They control everything. Not anymore. These days macro does not matter very much. And etf buyers have stopped reacting to this stuff instead they react to the opportunity so when stocks come down, these people step up and actually start buying, make it much harder to have a hideous selloff you know what there is nothing new about this less lock steps opportunity mindset. This was the old new normal of the index funds 20 ye