August 24, 2023 Headlines

Treasury yields are up 3 to 4 bps while equities are mixed as the S&P is up 0.43% but the Dow and NASDAQ down 0.17% and 0.14% respectively. Initial jobless claims fell to 230,000 last week which is a three-week low. Continuing claims also fell, with last week’s number falling to 1,702,000. Today’s data reinforces the strength of the US labor market as employers remain reluctant to shed workers and that the Fed may have to keep rates higher for longer to act as a counterbalance.

Hafizan Hamzah
Senior Director, Investment Management Group

Date Event Surv(M) Actual Prior Revised
08/24/23 Initial Jobless Claims 240k 230k 239k 240k
08/24/23 Continuing Claims 1705k 1702k 1716k 1711k
08/24/23 Chicago Fed Nat Activity Index -0.22 0.12 -0.32 -0.33
08/24/23 Durable Goods Orders -4.00% -5.20% 4.60% 4.40%
08/24/23 Durables Ex Transportation 0.20% 0.50% 0.50% 0.20%
08/24/23 Cap Goods Orders Nondef Ex Air 0.10% 0.10% 0.10% -0.40%
08/24/23 Cap Goods Ship Nondef Ex Air 0.10% -0.20% 0.10% -0.10%
08/24/23 Kansas City Fed Manf. Activity -10 -11
08/25/23 U. of Mich. Sentiment 71.2 71.2
08/25/23 U. of Mich. Current Conditions 77.4
08/25/23 U. of Mich. Expectations 67.3
08/25/23 U. of Mich. 1 Yr Inflation 3.30% 3.30%
08/25/23 U. of Mich. 5-10 Yr Inflation 2.90% 2.90%
08/25/23 Kansas City Fed Services Activity -1

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