August 2, 2021 Headlines

Solid corporate earnings data and the introduction of an infrastructure bill in the Senate are boosting equities this morning, while Treasuries remain little changed. A $550 billion infrastructure bill negotiated by a bipartisan group of Senators was submitted last night and is expected to be voted on “in a matter of days,” according to Majority Leader Chuck Schumer. The package reportedly focuses primarily on more traditional items (roads, bridges, electrical grid, etc.) and will not be funded through tax hikes on corporations and wealthy individuals. However, Schumer said the Senate would immediately shift focus to pushing through much of President Biden’s larger $3.5 trillion spending initiatives through budget reconciliation, which would include tax hikes. This week’s economic calendar is headlined by the July jobs report on Friday, and Fed Vice Chair Richard Clarida will be speaking on Wednesday.

Jason Haley
Chief Investment Officer

08/02/21Markit US Manufacturing PMI63.163.1
08/02/21Construction Spending MoM0.40%-0.30%
08/02/21ISM Manufacturing6160.6
08/02/21ISM Prices Paid8992.1
08/02/21ISM New Orders64.266
08/02/21ISM Employment51.749.9
08/03/21Factory Orders1.00%1.70%
08/03/21Factory Orders Ex Trans0.70%
08/03/21Durable Goods Orders0.80%0.80%
08/03/21Durables Ex Transportation0.30%0.30%
08/03/21Cap Goods Orders Nondef Ex Air0.50%
08/03/21Cap Goods Ship Nondef Ex Air0.60%
08/03/21Wards Total Vehicle Sales15.30m15.36m
08/04/21MBA Mortgage Applications5.70%
08/04/21ADP Employment Change650k692k
08/04/21Markit US Services PMI59.859.8
08/04/21Markit US Composite PMI59.7
08/04/21ISM Services Index60.560.1
08/05/21Challenger Job Cuts YoY-88.00%
08/05/21Trade Balance-$74.0b-$71.2b
08/05/21Initial Jobless Claims382k400k
08/05/21Continuing Claims3260k3269k
08/05/21Langer Consumer Comfort53.2
08/06/21Change in Nonfarm Payrolls888k850k
08/06/21Two-Month Payroll Net Revision15k
08/06/21Change in Private Payrolls718k662k
08/06/21Change in Manufact. Payrolls30k15k
08/06/21Unemployment Rate5.70%5.90%
08/06/21Average Hourly Earnings MoM0.30%0.30%
08/06/21Average Hourly Earnings YoY3.90%3.60%
08/06/21Average Weekly Hours All Employees34.734.7
08/06/21Labor Force Participation Rate61.70%61.60%
08/06/21Underemployment Rate9.80%
08/06/21Wholesale Trade Sales MoM0.80%
08/06/21Wholesale Inventories MoM0.80%0.80%
08/06/21Consumer Credit$23.000b$35.281b


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