August 10, 2021 Headlines

Atlanta Federal Reserve President Raphael Bostic’s remarks on Monday highlighted the substantial economic progress made in the US and the possibility of reduced asset purchases in the future. Last week’s blowout nonfarm payroll report added 943,000 jobs which was the largest increase in nearly a year and the unemployment rate continued to decrease to a post pandemic low of 5.4%. The Federal Reserve has communicated ‘substantial’ progress is needed before removal of asset purchases which could come if the current pace is sustained for the next month or two according to the policy setting committee member. At the open, US Treasury yields are essentially unchanged ahead of the $58 billion 3-year auction. 

Chris Eckhoff
Associate, Investment Management Group

8/9/2021JOLTS Job Openings9270k10073k9209k9483k
8/10/2021NFIB Small Business Optimism10299.7102.5
8/10/2021Nonfarm Productivity3.20%2.30%5.40%4.30%
8/10/2021Unit Labor Costs1.00%1.00%1.70%-2.80%
8/11/2021MBA Mortgage Applications-1.70%
8/11/2021CPI MoM0.50%0.90%
8/11/2021CPI Ex Food and Energy MoM0.40%0.90%
8/11/2021CPI YoY5.30%5.40%
8/11/2021CPI Ex Food and Energy YoY4.30%4.50%
8/11/2021CPI Index NSA272.936271.696
8/11/2021CPI Core Index SA279.531278.14
8/11/2021Real Avg Weekly Earnings YoY-1.40%-1.00%
8/11/2021Real Avg Hourly Earning YoY-1.70%-1.60%
8/11/2021Monthly Budget Statement-$278.0b-$63.0b
8/12/2021PPI Final Demand MoM0.60%1.00%
8/12/2021Initial Jobless Claims375k385k
8/12/2021PPI Ex Food and Energy MoM0.50%1.00%
8/12/2021Continuing Claims2890k2930k
8/12/2021PPI Ex Food, Energy, Trade MoM0.50%0.50%
8/12/2021PPI Final Demand YoY7.20%7.30%
8/12/2021PPI Ex Food and Energy YoY5.60%5.60%
8/12/2021PPI Ex Food, Energy, Trade YoY5.70%5.50%
8/12/2021Langer Consumer Comfort53.3
8/13/2021Import Price Index MoM0.60%1.00%
8/13/2021Import Price Index ex Petroleum MoM0.50%0.70%
8/13/2021Import Price Index YoY10.50%11.20%
8/13/2021Export Price Index MoM0.80%1.20%
8/13/2021Export Price Index YoY16.80%
8/13/2021Bloomberg Aug. United States Economic Survey
8/13/2021U. of Mich. Sentiment81.281.2
8/13/2021U. of Mich. Current Conditions84.5
8/13/2021U. of Mich. Expectations79
8/13/2021U. of Mich. 1 Yr Inflation4.60%4.70%
8/13/2021U. of Mich. 5-10 Yr Inflation2.80%


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