A strong PMI release out of China sparked a risk on move overnight sending Treasury prices lower and equity markets higher. The manufacturing data from the world’s second largest economy helped to assuage fears that the global economy is slowing. In the US, retail sales missed estimates coming declining by 0.2% in February rather than increase by 0.2%. Some of the edge of the miss was taken off by upward revisions in the January number, which moved up to 1.7% from 0.6%. Later this morning we will see the release of US manufacturing data, with both Markit US Manufacturing PMI and ISM Manufacturing on the docket.

Hafizan Hamzah
Director, Investment Management Group
DateEventSurv(M)ActualPriorRevised
04/01/19Retail Sales Advance MoM0.20%-0.20%0.20%0.70%
04/01/19Retail Sales Ex Auto MoM0.30%-0.40%0.90%1.40%
04/01/19Retail Sales Ex Auto and Gas0.30%-0.60%1.20%1.70%
04/01/19Retail Sales Control Group0.30%-0.20%1.10%1.70%
04/01/19Markit US Manufacturing PMI52.552.5
04/01/19ISM Manufacturing54.554.2
04/01/19ISM Employment52.3
04/01/19ISM Prices Paid52.549.4
04/01/19ISM New Orders55.5
04/01/19Construction Spending MoM-0.20%1.30%
04/01/19Business Inventories0.50%0.60%
04/02/19Durable Goods Orders-1.80%0.30%
04/02/19Durables Ex Transportation0.10%-0.20%
04/02/19Cap Goods Orders Nondef Ex Air0.10%0.80%
04/02/19Cap Goods Ship Nondef Ex Air-0.10%0.80%
04/02/19Wards Total Vehicle Sales16.80m16.56m
04/03/19MBA Mortgage Applications8.90%
04/03/19ADP Employment Change175k183k
04/03/19Markit US Services PMI54.854.8
04/03/19Markit US Composite PMI54.3
04/03/19ISM Non-Manufacturing Index5859.7
04/04/19Challenger Job Cuts YoY117.20%
04/04/19Initial Jobless Claims216k211k
04/04/19Continuing Claims1750k1756k
04/04/19Bloomberg Consumer Comfort60
04/05/19Change in Nonfarm Payrolls175k20k
04/05/19Two-Month Payroll Net Revision
04/05/19Change in Private Payrolls175k25k
04/05/19Change in Manufact. Payrolls10k4k
04/05/19Unemployment Rate3.80%3.80%
04/05/19Average Hourly Earnings MoM0.30%0.40%
04/05/19Average Hourly Earnings YoY3.40%3.40%
04/05/19Average Weekly Hours All Employees34.534.4
04/05/19Labor Force Participation Rate63.20%
04/05/19Underemployment Rate7.30%
04/05/19Consumer Credit$17.000b$17.049b