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Downward sentiment continues in Tuesday’s pre-market activity, not on any particular news item, but on the general sense that a Covid vaccine had already been priced in, and we’re now relying on Congress to make the American workforce impacted by the pandemic to be responsible for the fortunes of its citizenry. News reports are that House Speaker Pelosi and Senate Leader McConnell are meeting to hash out some near-term relief ahead of expirations coming at the end of the month, but nothing is yet a done deal.
A revision to Q3 Productivity hit the tape this morning, shedding 30 basis points from its initial read to 4.6%. This is also down from Q2’s reported 10.6%, which was the single-highest quarterly read in 49 years. Manufacturing grew nearly 20% in Q3, reflecting a big rebound from the pandemic-led shutdown which shuttered all productivity earlier in the year. Through this prism, 4.6% looks fairly robust, albeit the numbers reflect a rebound period in economic activity, before the “second wave” of coronavirus tore through the country.
Unit Labor Costs for Q3 were also revised this morning, to a headline of -6.6% from an originally reported -8.6%. The previous quarter had risen 12.3% — the final in a string of three consecutive up-months. This, like the Productivity numbers, reflect a notable rebound from the wipeout quarter previously; the current output seeks a new equilibrium following the Covid-related shock to the economic system we have endured.
Ahead of the opening bell, auto parts retailer AutoZone ((AZO - Free Report) put up mixed numbers for its fiscal Q1 earnings: $18.61 per share outperformed the $17.72 estimate in the Zacks consensus, while revenues of $695.3 million missed the expected $721 million in the quarter. Year over year comps are favorable for both top and bottom line prints, beating the $14.30 per share on $621.5 million from the year-ago quarter. The Zacks Rank #3 with Value-Growth-Momentum score of A has not missed on earnings since fiscal 2017.
Great Britain injects its first Pfizer ((PFE - Free Report) -BioNTech ((BNTX - Free Report) vaccine patients today, marking a momentous occasion whereby the world may soon return to pre-pandemic activities at long last. In the U.S., front-line healthcare workers are scheduled to be the first to receive the vaccine (either from Pfizer or Moderna ((MRNA - Free Report) ) later this month, with general population on the country hopefully immunized from coronavirus by sometime next summer.
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Productivity Increases in Q3
Downward sentiment continues in Tuesday’s pre-market activity, not on any particular news item, but on the general sense that a Covid vaccine had already been priced in, and we’re now relying on Congress to make the American workforce impacted by the pandemic to be responsible for the fortunes of its citizenry. News reports are that House Speaker Pelosi and Senate Leader McConnell are meeting to hash out some near-term relief ahead of expirations coming at the end of the month, but nothing is yet a done deal.
A revision to Q3 Productivity hit the tape this morning, shedding 30 basis points from its initial read to 4.6%. This is also down from Q2’s reported 10.6%, which was the single-highest quarterly read in 49 years. Manufacturing grew nearly 20% in Q3, reflecting a big rebound from the pandemic-led shutdown which shuttered all productivity earlier in the year. Through this prism, 4.6% looks fairly robust, albeit the numbers reflect a rebound period in economic activity, before the “second wave” of coronavirus tore through the country.
Unit Labor Costs for Q3 were also revised this morning, to a headline of -6.6% from an originally reported -8.6%. The previous quarter had risen 12.3% — the final in a string of three consecutive up-months. This, like the Productivity numbers, reflect a notable rebound from the wipeout quarter previously; the current output seeks a new equilibrium following the Covid-related shock to the economic system we have endured.
Ahead of the opening bell, auto parts retailer AutoZone ((AZO - Free Report) put up mixed numbers for its fiscal Q1 earnings: $18.61 per share outperformed the $17.72 estimate in the Zacks consensus, while revenues of $695.3 million missed the expected $721 million in the quarter. Year over year comps are favorable for both top and bottom line prints, beating the $14.30 per share on $621.5 million from the year-ago quarter. The Zacks Rank #3 with Value-Growth-Momentum score of A has not missed on earnings since fiscal 2017.
Great Britain injects its first Pfizer ((PFE - Free Report) -BioNTech ((BNTX - Free Report) vaccine patients today, marking a momentous occasion whereby the world may soon return to pre-pandemic activities at long last. In the U.S., front-line healthcare workers are scheduled to be the first to receive the vaccine (either from Pfizer or Moderna ((MRNA - Free Report) ) later this month, with general population on the country hopefully immunized from coronavirus by sometime next summer.