It's Thursday, December 10, 2020.

This is the Real Vision Daily Briefing.

I'm Ed Harrison joined shortly by Tom Thornton, Hedge Fund Telemetry,

founder and CEO.

But first, with the news of the day, Haley Drasman.

Hey Ed, markets were mixed on Thursday

after fresh data showed unemployment claims jumped sharply last week.

853,000 initial jobless claims were filed last week,

that's the highest since September.

It's a big jump from Thanksgiving week and it likely overstates the underlying trend we saw following the holiday at a revised 716,000 initial jobless claims.

To be honest, this was to be expected. The surge in

initial claims is especially concerning when claims are still above levels

near the peak of the Great Recession. If you look at the not seasonally adjusted numbers, it's even

scarier, with 947,000 jobless claims filed. Continuing claims also increased to more than

5.7 million. It's the first time that

number has gone up since August. Investors expected there could be declines in

continuing claims as workers started rolling on to other programs like the Pandemic Emergency Unemployment Compensation Program after having exhausted their state benefits, but we're just not seeing that.

That program is also expected to expire at the end of the month.

This ugly round of data is weighing on expectations for the December jobs report without a doubt.

Thousands of people are losing their jobs every week because demand simply has not returned.

When someone is let go today, I think that means the company doesn't see that job existing for a while, so we're losing momentum here.

The rise in virus cases has put more pressure on the job market.

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