News that President Trump was considering cutting capital gains taxes sent stocks higher and Treasury prices lower. Risk assets were further lifted by strong economic data out of China as well as falling hospitalizations in California and New York.
Core PPI increased by 0.3% year over year, 0.1% higher than expected and the month over month change of 0.5% was the largest increase since 2018. The uptick points to a possible recovery in pricing power and a potential stabilization of the economy. The BLS will release July CPI tomorrow and the market is expecting an increase of 1.1% in core CPI year over year.
Hafizan Hamzah
Director, Investment Management Group
Date | Event | Survey | Actual | Prior | Revised |
8/10/20 | JOLTS Job Openings | 5300 | 5889 | 5397 | 5371 |
8/11/20 | NFIB Small Business Optimism | 100.5 | 98.8 | 100.6 | — |
8/11/20 | PPI Final Demand MoM | 0.30% | 0.60% | -0.20% | — |
8/11/20 | PPI Ex Food and Energy MoM | 0.10% | 0.50% | -0.30% | — |
8/11/20 | PPI Ex Food, Energy, Trade MoM | 0.20% | 0.30% | 0.30% | — |
8/11/20 | PPI Final Demand YoY | -0.70% | -0.40% | -0.80% | — |
8/11/20 | PPI Ex Food and Energy YoY | 0.00% | 0.30% | 0.10% | — |
8/11/20 | PPI Ex Food, Energy, Trade YoY | 0.10% | 0.10% | -0.10% | — |
8/12/20 | MBA Mortgage Applications | — | — | -5.10% | — |
8/12/20 | CPI MoM | 0.30% | — | 0.60% | — |
8/12/20 | CPI Ex Food and Energy MoM | 0.20% | — | 0.20% | — |
8/12/20 | CPI YoY | 0.70% | — | 0.60% | — |
8/12/20 | CPI Ex Food and Energy YoY | 1.10% | — | 1.20% | — |
8/12/20 | CPI Index NSA | 258.543 | — | 257.797 | — |
8/12/20 | CPI Core Index SA | 266.585 | — | 266.065 | — |
8/12/20 | Real Avg Weekly Earnings YoY | — | — | 4.60% | 4.70% |
8/12/20 | Real Avg Hourly Earning YoY | — | — | 4.30% | 4.10% |
8/12/20 | Monthly Budget Statement | -$137.5b | — | -$119.7b | — |
8/13/20 | Import Price Index MoM | 0.60% | — | 1.40% | — |
8/13/20 | Import Price Index ex Petroleum MoM | 0.10% | — | 0.30% | — |
8/13/20 | Import Price Index YoY | -3.10% | — | -3.80% | — |
8/13/20 | Export Price Index MoM | 0.40% | — | 1.40% | — |
8/13/20 | Export Price Index YoY | — | — | -4.40% | — |
8/13/20 | Initial Jobless Claims | 1100k | — | 1186k | — |
8/13/20 | Continuing Claims | 15800k | — | 16107k | — |
8/13/20 | Bloomberg Consumer Comfort | — | — | 44.9 | — |
8/14/20 | Retail Sales Advance MoM | 2.00% | — | 7.50% | — |
8/14/20 | Retail Sales Ex Auto MoM | 1.30% | — | 7.30% | — |
8/14/20 | Retail Sales Ex Auto and Gas | 1.00% | — | 6.70% | — |
8/14/20 | Retail Sales Control Group | 0.80% | — | 5.60% | — |
8/14/20 | Nonfarm Productivity | 1.50% | — | -0.90% | — |
8/14/20 | Unit Labor Costs | 7.20% | — | 5.10% | — |
8/14/20 | Industrial Production MoM | 3.00% | — | 5.40% | — |
8/14/20 | Capacity Utilization | 70.30% | — | 68.60% | — |
8/14/20 | Manufacturing (SIC) Production | 3.00% | — | 7.20% | — |
8/14/20 | Bloomberg Aug. United States Economic Survey | ||||
8/14/20 | Business Inventories | -1.10% | — | -2.30% | — |
8/14/20 | U. of Mich. Sentiment | 72 | — | 72.5 | — |
8/14/20 | U. of Mich. Current Conditions | 82.5 | — | 82.8 | — |
8/14/20 | U. of Mich. Expectations | 65.6 | — | 65.9 | — |
8/14/20 | U. of Mich. 1 Yr Inflation | — | — | 3.00% | — |
8/14/20 | U. of Mich. 5-10 Yr Inflation | — | — | 2.60% | — |
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