April 2, 2021 Headlines

Today’s job report came in better than expected. The median forecast called for an increase of 660,000 jobs in March, the actual increase came in at 916,000, the largest uptick since August of last year. The unemployment rate fell to 6% and the participation rate moved slightly higher. The increasing number of vaccinations, easing of restrictions, and stimulus are giving employers confidence to hire more employees. In response to the report, the curve is higher and slightly steeper with the 10-year up 2 bps. As a reminder, the market will be closing early today at 12PM Eastern in observance of the Easter holiday.

Hafizan Hamzah
Director, Investment Management Group

Date	Event	Surv(M)	Actual	Prior	Revised
03/29/21	Dallas Fed Manf. Activity	16.8	28.9	17.2	—
03/30/21	FHFA House Price Index MoM	1.20%	1.00%	1.10%	1.20%
03/30/21	S&P CoreLogic CS 20-City MoM SA	1.20%	1.20%	1.25%	1.30%
03/30/21	S&P CoreLogic CS 20-City YoY NSA	11.20%	11.10%	10.10%	10.17%
03/30/21	S&P CoreLogic CS US HPI YoY NSA	10.50%	11.22%	10.37%	10.41%
03/30/21	Conf. Board Consumer Confidence	96.9	109.7	91.3	90.4
03/30/21	Conf. Board Present Situation	—	110	92	89.6
03/30/21	Conf. Board Expectations	—	109.6	90.8	90.9
03/31/21	MBA Mortgage Applications	—	-2.20%	-2.50%	—
03/31/21	ADP Employment Change	550k	517k	117k	176k
03/31/21	MNI Chicago PMI	61	66.3	59.5	—
03/31/21	Pending Home Sales MoM	-3.00%	-10.60%	-2.80%	-2.40%
03/31/21	Pending Home Sales NSA YoY	6.50%	-2.70%	8.20%	8.80%
04/01/21	Challenger Job Cuts YoY	—	-86.20%	-39.10%	—
04/01/21	Revisions: Initial and Continued Claims
04/01/21	Initial Jobless Claims	675k	719k	684k	658k
04/01/21	Continuing Claims	3750k	3794k	3870k	3840k
04/01/21	Langer Consumer Comfort	—	50	49.1	—
04/01/21	Markit US Manufacturing PMI	59.1	59.1	59	—
04/01/21	Construction Spending MoM	-1.00%	-0.80%	1.70%	1.20%
04/01/21	ISM Manufacturing	61.5	64.7	60.8	—
04/01/21	ISM Prices Paid	85	85.6	86	—
04/01/21	ISM New Orders	67	68	64.8	—
04/01/21	ISM Employment	—	59.6	54.4	—
04/01/21	Wards Total Vehicle Sales	16.40m	17.75m	15.67m	—
04/02/21	Two-Month Payroll Net Revision	—	156k	—	—
04/02/21	Change in Nonfarm Payrolls	660k	916k	379k	468k
04/02/21	Change in Private Payrolls	643k	780k	465k	558k
04/02/21	Change in Manufact. Payrolls	35k	53k	21k	18k
04/02/21	Unemployment Rate	6.00%	6.00%	6.20%	—
04/02/21	Average Hourly Earnings MoM	0.10%	-0.10%	0.20%	0.30%
04/02/21	Average Hourly Earnings YoY	4.50%	4.20%	5.30%	5.20%
04/02/21	Average Weekly Hours All Employees	34.7	34.9	34.6	—
04/02/21	Labor Force Participation Rate	61.50%	61.50%	61.40%	—
04/02/21	Underemployment Rate	—	10.70%	11.10%	—

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