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

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	—	6.80%	-5.10%	—
8/12/20	CPI MoM	0.30%	0.60%	0.60%	—
8/12/20	CPI Ex Food and Energy MoM	0.20%	0.60%	0.20%	—
8/12/20	CPI YoY	0.70%	1.00%	0.60%	—
8/12/20	CPI Ex Food and Energy YoY	1.10%	1.60%	1.20%	—
8/12/20	CPI Index NSA	258.54	259.1	257.797	—
8/12/20	CPI Core Index SA	266.59	267.72	266.065	—
8/12/20	Real Avg Hourly Earning YoY	—	3.70%	4.30%	4.10%
8/12/20	Real Avg Weekly Earnings YoY	—	4.30%	4.60%	4.70%
8/12/20	Monthly Budget Statement	-$90.0b	—	-$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	2.10%	—	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	0.90%	—	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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