August 31, 2020 Headlines

Treasury prices drifted lower overnight on relatively light trading volumes with London markets closed for holiday, as well as a modestly improved tone in risk markets. The August jobs report headlines this week’s economic calendar, and market participants will also be paying attention to speeches from multiple Fed leaders this week. More specifically, Fed Vice Chair Richard Clarida (today) and Fed Governor Lael Brainard (tomorrow) will both be speaking on the Fed’s new policy framework unveiled by Jerome Powell last week. The Fed will now employ an average inflation targeting approach, and Clarida and Brainard could hint that changes to the Fed’s current forward guidance could be coming in the September FOMC statement.

Jason Haley
Chief Investment Officer

8/31/20Dallas Fed Manf. Activity0-3
9/1/20Markit US Manufacturing PMI53.653.6
9/1/20ISM Manufacturing54.654.2
9/1/20ISM New Orders61.5
9/1/20ISM Prices Paid54.353.2
9/1/20ISM Employment44.3
9/1/20Construction Spending MoM1.00%-0.70%
9/1/20Wards Total Vehicle Sales14.90m14.52m
9/2/20MBA Mortgage Applications-6.50%
9/2/20ADP Employment Change900k167k
9/2/20Factory Orders6.00%6.20%
9/2/20Factory Orders Ex Trans4.40%
9/2/20Durable Goods Orders11.20%11.20%
9/2/20Durables Ex Transportation2.40%2.40%
9/2/20Cap Goods Orders Nondef Ex Air1.90%1.90%
9/2/20Cap Goods Ship Nondef Ex Air2.40%
9/2/20U.S. Federal Reserve Releases Beige Book
9/3/20Challenger Job Cuts YoY576.10%
9/3/20Nonfarm Productivity7.60%7.30%
9/3/20Unit Labor Costs12.00%12.20%
9/3/20Initial Jobless Claims950k1006k
9/3/20Continuing Claims14000k14535k
9/3/20Trade Balance-$58.0b-$50.7b
9/3/20Bloomberg Consumer Comfort44.3
9/3/20Markit US Services PMI54.754.8
9/3/20Markit US Composite PMI54.7
9/3/20ISM Services Index5758.1
9/4/20Change in Nonfarm Payrolls1390k1763k
9/4/20Two-Month Payroll Net Revision17k
9/4/20Change in Private Payrolls1300k1462k
9/4/20Change in Manufact. Payrolls50k26k
9/4/20Unemployment Rate9.80%10.20%
9/4/20Average Hourly Earnings MoM0.00%0.20%
9/4/20Average Hourly Earnings YoY4.40%4.80%
9/4/20Average Weekly Hours All Employees34.534.5
9/4/20Labor Force Participation Rate61.70%61.40%
9/4/20Underemployment Rate16.50%



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