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
Date Event Surv(M) Actual Prior Revised
04/01/19 Retail Sales Advance MoM 0.20% -0.20% 0.20% 0.70%
04/01/19 Retail Sales Ex Auto MoM 0.30% -0.40% 0.90% 1.40%
04/01/19 Retail Sales Ex Auto and Gas 0.30% -0.60% 1.20% 1.70%
04/01/19 Retail Sales Control Group 0.30% -0.20% 1.10% 1.70%
04/01/19 Markit US Manufacturing PMI 52.5 52.5
04/01/19 ISM Manufacturing 54.5 54.2
04/01/19 ISM Employment 52.3
04/01/19 ISM Prices Paid 52.5 49.4
04/01/19 ISM New Orders 55.5
04/01/19 Construction Spending MoM -0.20% 1.30%
04/01/19 Business Inventories 0.50% 0.60%
04/02/19 Durable Goods Orders -1.80% 0.30%
04/02/19 Durables Ex Transportation 0.10% -0.20%
04/02/19 Cap Goods Orders Nondef Ex Air 0.10% 0.80%
04/02/19 Cap Goods Ship Nondef Ex Air -0.10% 0.80%
04/02/19 Wards Total Vehicle Sales 16.80m 16.56m
04/03/19 MBA Mortgage Applications 8.90%
04/03/19 ADP Employment Change 175k 183k
04/03/19 Markit US Services PMI 54.8 54.8
04/03/19 Markit US Composite PMI 54.3
04/03/19 ISM Non-Manufacturing Index 58 59.7
04/04/19 Challenger Job Cuts YoY 117.20%
04/04/19 Initial Jobless Claims 216k 211k
04/04/19 Continuing Claims 1750k 1756k
04/04/19 Bloomberg Consumer Comfort 60
04/05/19 Change in Nonfarm Payrolls 175k 20k
04/05/19 Two-Month Payroll Net Revision
04/05/19 Change in Private Payrolls 175k 25k
04/05/19 Change in Manufact. Payrolls 10k 4k
04/05/19 Unemployment Rate 3.80% 3.80%
04/05/19 Average Hourly Earnings MoM 0.30% 0.40%
04/05/19 Average Hourly Earnings YoY 3.40% 3.40%
04/05/19 Average Weekly Hours All Employees 34.5 34.4
04/05/19 Labor Force Participation Rate 63.20%
04/05/19 Underemployment Rate 7.30%
04/05/19 Consumer Credit $17.000b $17.049b