August 3, 2022 Headlines

Treasury yields are another 2 to 4 bps higher this morning following yesterday’s selloff that saw yields rise 17 to 22 bps. Comments from Fed governor Daly stating that the Fed is “Nowhere near almost done” in its fight against inflation were the initial catalyst for the selloff in rates. A benign response from China over Speaker Pelosi’s Taiwan visit and hawkish comments from Chicago Fed President Evans added fuel to the fire.

The MBA mortgage applications index rose by 1.2% last week after the average 30-year rate hit 5.43%. Purchases were up 1% last week after declining by 0.8% the week prior, while refis rose by 1.5% after declining 3.7% the week prior. Refi volumes are still relatively low, making up 30.8% of applications compared to an average of 64.7% through 2021.

Hafizan Hamzah
Senior Director, Investment Management Group

Date Event Surv(M) Actual Prior Revised
08/01/22 S&P Global US Manufacturing PMI 52.3 52.2 52.3
08/01/22 Construction Spending MoM 0.10% -1.10% -0.10% 0.10%
08/01/22 ISM Manufacturing 52 52.8 53
08/01/22 ISM Prices Paid 74.3 60 78.5
08/01/22 ISM New Orders 49 48 49.2
08/01/22 ISM Employment 48.2 49.9 47.3
08/02/22 JOLTS Job Openings 11000k 10698k 11254k 11303k
08/02/22 Wards Total Vehicle Sales 13.40m 13.35m 13.00m
08/03/22 MBA Mortgage Applications 1.20% -1.80%
08/03/22 S&P Global US Services PMI 47 47
08/03/22 S&P Global US Composite PMI 47.5
08/03/22 Factory Orders 1.20% 1.60%
08/03/22 Factory Orders Ex Trans 1.70%
08/03/22 Durable Goods Orders 1.90% 1.90%
08/03/22 Durables Ex Transportation 0.30% 0.30%
08/03/22 Cap Goods Orders Nondef Ex Air 0.50%
08/03/22 Cap Goods Ship Nondef Ex Air 0.70%
08/03/22 ISM Services Index 53.5 55.3
08/04/22 Challenger Job Cuts YoY 58.80%
08/04/22 Trade Balance -$80.0b -$85.5b
08/04/22 Initial Jobless Claims 260k 256k
08/04/22 Continuing Claims 1383k 1359k
08/05/22 Two-Month Payroll Net Revision
08/05/22 Change in Nonfarm Payrolls 250k 372k
08/05/22 Change in Private Payrolls 230k 381k
08/05/22 Change in Manufact. Payrolls 20k 29k
08/05/22 Unemployment Rate 3.60% 3.60%
08/05/22 Average Hourly Earnings MoM 0.30% 0.30%
08/05/22 Average Hourly Earnings YoY 4.90% 5.10%
08/05/22 Average Weekly Hours All Employees 34.5 34.5
08/05/22 Labor Force Participation Rate 62.20% 62.20%
08/05/22 Underemployment Rate 6.70%
08/05/22 Consumer Credit $26.000b $22.347b

 

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content. Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First. Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.