U.S. Economic Indicators

Nonfarm business sector labor productivity increased 1.4% in Q4 and was up 1.8% compared to a year ago. Hours worked increased 1.1% and unit labor costs rose 1.4%. BLS Report

Initial jobless claims fell 15,000 to 202,000 last week. The four-week moving average fell 3,000 to 211,750. DOL Report

U.S. News

The Wall Street Journal reports that China has announced it will reduce tariffs on $75 billion of U.S. goods from 10% to 5% as part of its efforts to implement the phase-one trade deal with the U.S. The tariff cuts will go into effect on February 14, and indicate Beijing’s intentions to follow through on implementation of the agreement despite the ongoing coronavirus crisis. WSJ