(Bloomberg) -- Welcome to Thursday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start your day:

• President-elect Joe Biden on Thursday will unveil a Covid-19 relief package rivaled in size only by last year’s $2 trillion Cares Act, in his first legislative test in the face of a split U.S. Senate and a deteriorating economy
• There’s a problem in the U.S. labor market that’s been mostly overlooked in the Covid crisis: The people that do have jobs are calling out sick in record numbers or taking leaves of absence

• China’s export boom continued into December, pushing the trade surplus to a record high in the month and bolstering what is already the world’s best-performing major economy

  • The surge in shipping rates is posing a new headwind for the global economy
• The German economy stagnated at the end of last year, probably avoiding a double-dip recession that’s engulfing the euro area
• The European Central Bank’s reaction function significantly reduces the need for shock-and-awe action at its next meeting on Jan. 21 amid worsening virus outlook, Bloomberg Economics says
• Finally, check out this week’s Stephanomics podcast on the economic cost of Covid’s mental health crisis

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