Treasury yields are 2-3 basis points lower despite weekly jobless claims coming in below expectations at 227,000, the lowest in almost 2 months.
Initial jobless claims suggest the labor market is cooling at a more gradual pace, but markets appear to be reacting more to the Q2 nonfarm productivity report, which showed unit labor costs falling to 0.4% (half of what was expected). It’s somewhat revealing of the current bias in financial markets when essentially all the of the recent focus has been on labor market data (and ignoring better than expected readings of other economic metrics), and today the better labor market data is dismissed for a backwards-looking (and more off-the-run) inflation reading. Regardless, the bigger economic release from the market’s perspective comes tomorrow morning. Yesterday’s JOLTS report for July provided fresh support for those concerned (or betting on) that the labor market is deteriorating at an accelerated pace. Right or wrong, the general premise leading into tomorrow’s jobs report is that it will determine the size of the first rate cut later this month.
Jason Haley
Chief Investment Officer
| Date | Event | Survey | Actual | Prior | Revised |
| 9/5/2024 | Challenger Job Cuts YoY | — | 1.00% | 9.20% | — |
| 9/5/2024 | ADP Employment Change | 145k | 99k | 122k | 111k |
| 9/5/2024 | Nonfarm Productivity | 2.50% | 2.50% | 2.30% | — |
| 9/5/2024 | Unit Labor Costs | 0.80% | 0.40% | 0.90% | — |
| 9/5/2024 | Initial Jobless Claims | 230k | 227k | 231k | 232k |
| 9/5/2024 | Continuing Claims | 1867k | 1838k | 1868k | 1860k |
| 9/5/2024 | S&P Global US Services PMI | 55.1 | — | 55.2 | — |
| 9/5/2024 | S&P Global US Composite PMI | 54 | — | 54.1 | — |
| 9/5/2024 | ISM Services Index | 51.4 | — | 51.4 | — |
| 9/5/2024 | ISM Services Prices Paid | 56 | — | 57 | — |
| 9/5/2024 | ISM Services Employment | 50.5 | — | 51.1 | — |
| 9/5/2024 | ISM Services New Orders | 51.9 | — | 52.4 | — |
| 9/6/2024 | Two-Month Payroll Net Revision | — | — | -29k | — |
| 9/6/2024 | Change in Nonfarm Payrolls | 165k | — | 114k | — |
| 9/6/2024 | Change in Private Payrolls | 140k | — | 97k | — |
| 9/6/2024 | Change in Manufact. Payrolls | -2k | — | 1k | — |
| 9/6/2024 | Unemployment Rate | 4.20% | — | 4.30% | — |
| 9/6/2024 | Average Hourly Earnings MoM | 0.30% | — | 0.20% | — |
| 9/6/2024 | Average Hourly Earnings YoY | 3.70% | — | 3.60% | — |
| 9/6/2024 | Average Weekly Hours All Employees | 34.3 | — | 34.2 | — |
| 9/6/2024 | Labor Force Participation Rate | 62.70% | — | 62.70% | — |
| 9/6/2024 | Underemployment Rate | — | — | 7.80% | — |
| 9/9/2024 | Wholesale Inventories MoM | 0.30% | — | 0.30% | — |
| 9/9/2024 | Wholesale Trade Sales MoM | — | — | -0.60% | — |
| 9/9/2024 | NY Fed 1-Yr Inflation Expectations | — | — | 2.97% | — |
| 9/9/2024 | Consumer Credit | $12.000b | — | $8.934b | — |
| 9/10/2024 | NFIB Small Business Optimism | 93.7 | — | 93.7 | — |
| 9/11/2024 | MBA Mortgage Applications | — | — | 1.60% | — |
| 9/11/2024 | CPI MoM | 0.20% | — | 0.20% | — |
| 9/11/2024 | CPI Ex Food and Energy MoM | 0.20% | — | 0.20% | — |
| 9/11/2024 | CPI YoY | 2.60% | — | 2.90% | — |
| 9/11/2024 | CPI Ex Food and Energy YoY | — | — | 3.20% | — |
| 9/11/2024 | CPI Index NSA | — | — | 314.54 | — |
| 9/11/2024 | CPI Core Index SA | — | — | 318.872 | — |
| 9/11/2024 | Real Avg Hourly Earning YoY | — | — | 0.70% | — |
| 9/11/2024 | Real Avg Weekly Earnings YoY | — | — | 0.40% | — |
| 9/12/2024 | PPI Final Demand MoM | 0.20% | — | 0.10% | — |
| 9/12/2024 | PPI Ex Food and Energy MoM | 0.20% | — | 0.00% | — |
| 9/12/2024 | PPI Ex Food, Energy, Trade MoM | — | — | 0.30% | — |
| 9/12/2024 | PPI Final Demand YoY | — | — | 2.20% | — |
| 9/12/2024 | PPI Ex Food and Energy YoY | — | — | 2.40% | — |
| 9/12/2024 | PPI Ex Food, Energy, Trade YoY | — | — | 3.30% | — |
| 9/12/2024 | Initial Jobless Claims | — | — | 227k | — |
| 9/12/2024 | Continuing Claims | — | — | 1838k | — |
| 9/12/2024 | Household Change in Net Worth | — | — | $5117b | — |
| 9/12/2024 | Monthly Budget Statement | — | — | -$243.7b | — |