August 13, 2021 Headlines

The 10-year US Treasury yield is 1 bps lower this morning as China’s zero tolerance policy toward Covid stoked fears that the government would suspend operations at the world’s third largest port. However, equities remain unphased amid strong earnings and continue to fluctuate near record highs with S&P500 futures set to open +0.11%. The economic calendar is light to close out the week with July retail sales data, the next major release, expected on Tuesday.

Chris Eckhoff
Associate, Investment Management Group

Date	Event	Surv(M)	Actual	Prior	Revised
08/09/21	JOLTS Job Openings	9270k	10073k	9209k	9483k
08/10/21	NFIB Small Business Optimism	102	99.7	102.5	—
08/10/21	Nonfarm Productivity	3.20%	2.30%	5.40%	4.30%
08/10/21	Unit Labor Costs	1.00%	1.00%	1.70%	-2.80%
08/11/21	MBA Mortgage Applications	—	2.80%	-1.70%	—
08/11/21	CPI MoM	0.50%	0.50%	0.90%	—
08/11/21	CPI Ex Food and Energy MoM	0.40%	0.30%	0.90%	—
08/11/21	CPI YoY	5.30%	5.40%	5.40%	—
08/11/21	CPI Ex Food and Energy YoY	4.30%	4.30%	4.50%	—
08/11/21	CPI Index NSA	272.937	273.003	271.696	—
08/11/21	CPI Core Index SA	279.45	279.054	278.14	—
08/11/21	Real Avg Weekly Earnings YoY	—	-0.70%	-1.40%	-1.00%
08/11/21	Real Avg Hourly Earning YoY	—	-1.20%	-1.70%	-1.60%
08/11/21	Monthly Budget Statement	-$294.0b	-$302.1b	-$63.0b	—
08/12/21	Initial Jobless Claims	375k	375k	385k	387k
08/12/21	Continuing Claims	2900k	2866k	2930k	2980k
08/12/21	PPI Final Demand MoM	0.60%	1.00%	1.00%	—
08/12/21	PPI Ex Food and Energy MoM	0.50%	1.00%	1.00%	—
08/12/21	PPI Ex Food, Energy, Trade MoM	0.50%	0.90%	0.50%	—
08/12/21	PPI Final Demand YoY	7.20%	7.80%	7.30%	—
08/12/21	PPI Ex Food and Energy YoY	5.60%	6.20%	5.60%	—
08/12/21	PPI Ex Food, Energy, Trade YoY	5.70%	6.10%	5.50%	—
08/12/21	Langer Consumer Comfort	—	54.6	53.3	—
08/13/21	Import Price Index MoM	0.60%	0.30%	1.00%	1.10%
08/13/21	Import Price Index ex Petroleum MoM	0.50%	0.10%	0.70%	—
08/13/21	Import Price Index YoY	10.50%	10.20%	11.20%	11.30%
08/13/21	Export Price Index MoM	0.80%	1.30%	1.20%	—
08/13/21	Export Price Index YoY	16.00%	17.20%	16.80%	16.90%
08/13/21	Bloomberg Aug. United States Economic Survey
08/13/21	U. of Mich. Sentiment	81.2	—	81.2	—
08/13/21	U. of Mich. Current Conditions	83.5	—	84.5	—
08/13/21	U. of Mich. Expectations	78	—	79	—
08/13/21	U. of Mich. 1 Yr Inflation	4.60%	—	4.70%	—
08/13/21	U. of Mich. 5-10 Yr Inflation	—	—	2.80%	—

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