August 12, 2020 Headlines

Treasury yields are higher following this morning’s CPI release which showed an increase in consumer prices. Core CPI which excludes food and energy increased by 0.6% month over month, 0.4% higher than expected. This increase in consumer prices was the largest increase in nearly three decades. Rising apparel and vehicle costs drove the index higher, with clothing seeing a 1.1% increase while used and new vehicles saw a 2.3% and 0.8% uptick, respectively.

Hafizan Hamzah
Director, Investment Management Group

8/10/20JOLTS Job Openings5300588953975371
8/11/20NFIB Small Business Optimism100.598.8100.6
8/11/20PPI Final Demand MoM0.30%0.60%-0.20%
8/11/20PPI Ex Food and Energy MoM0.10%0.50%-0.30%
8/11/20PPI Ex Food, Energy, Trade MoM0.20%0.30%0.30%
8/11/20PPI Final Demand YoY-0.70%-0.40%-0.80%
8/11/20PPI Ex Food and Energy YoY0.00%0.30%0.10%
8/11/20PPI Ex Food, Energy, Trade YoY0.10%0.10%-0.10%
8/12/20MBA Mortgage Applications6.80%-5.10%
8/12/20CPI MoM0.30%0.60%0.60%
8/12/20CPI Ex Food and Energy MoM0.20%0.60%0.20%
8/12/20CPI YoY0.70%1.00%0.60%
8/12/20CPI Ex Food and Energy YoY1.10%1.60%1.20%
8/12/20CPI Index NSA258.54259.1257.797
8/12/20CPI Core Index SA266.59267.72266.065
8/12/20Real Avg Hourly Earning YoY3.70%4.30%4.10%
8/12/20Real Avg Weekly Earnings YoY4.30%4.60%4.70%
8/12/20Monthly Budget Statement-$90.0b-$119.7b
8/13/20Import Price Index MoM0.60%1.40%
8/13/20Import Price Index ex Petroleum MoM0.10%0.30%
8/13/20Import Price Index YoY-3.10%-3.80%
8/13/20Export Price Index MoM0.40%1.40%
8/13/20Export Price Index YoY-4.40%
8/13/20Initial Jobless Claims1100k1186k
8/13/20Continuing Claims15800k16107k
8/13/20Bloomberg Consumer Comfort44.9
8/14/20Retail Sales Advance MoM2.10%7.50%
8/14/20Retail Sales Ex Auto MoM1.30%7.30%
8/14/20Retail Sales Ex Auto and Gas1.00%6.70%
8/14/20Retail Sales Control Group0.90%5.60%
8/14/20Nonfarm Productivity1.50%-0.90%
8/14/20Unit Labor Costs7.20%5.10%
8/14/20Industrial Production MoM3.00%5.40%
8/14/20Capacity Utilization70.30%68.60%
8/14/20Manufacturing (SIC) Production3.00%7.20%
8/14/20Bloomberg Aug. United States Economic Survey
8/14/20Business Inventories-1.10%-2.30%
8/14/20U. of Mich. Sentiment7272.5
8/14/20U. of Mich. Current Conditions82.582.8
8/14/20U. of Mich. Expectations65.665.9
8/14/20U. of Mich. 1 Yr Inflation3.00%
8/14/20U. of Mich. 5-10 Yr Inflation2.60%


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