August 31, 2021 Headlines

Treasuries fluctuated between positive and negative territory overnight on mixed economic data oversees. Yields are slightly lower on the long-end this morning, and U.S. equity futures have given back early gains after a ECB Governing Council member Robert Holzmann suggested it was time to scale back bond purchases in the region. Regarding the latter, Holzmann is generally considered a super-hawk and is a non-voting member this year (i.e., grain of salt). China’s non-manufacturing PMI index fell sharply to 47.5 in August from 53.3 the prior month, the first time below 50 since February 2020. Readings below 50 indicate contraction in activity, and the manufacturing index also disappointed versus expectations. August inflation in the Eurozone rose more than expected in August to a 10-year high, fueled by increases in food and energy costs.

Jason Haley
Chief Investment Officer

08/30/21Pending Home Sales MoM0.30%-1.80%-1.90%-2.00%
08/30/21Pending Home Sales NSA YoY-8.80%-9.50%-3.30%-3.50%
08/30/21Dallas Fed Manf. Activity23927.3
08/31/21FHFA House Price Index MoM1.90%1.70%
08/31/21House Price Purchase Index QoQ3.50%
08/31/21S&P CoreLogic CS 20-City MoM SA1.80%1.81%
08/31/21S&P CoreLogic CS 20-City YoY NSA18.60%16.99%
08/31/21S&P CoreLogic CS US HPI YoY NSA16.61%
08/31/21MNI Chicago PMI6873.4
08/31/21Conf. Board Consumer Confidence123129.1
08/31/21Conf. Board Present Situation160.3
08/31/21Conf. Board Expectations108.4
09/01/21MBA Mortgage Applications1.60%
09/01/21ADP Employment Change625k330k
09/01/21Markit US Manufacturing PMI61.261.2
09/01/21Construction Spending MoM0.20%0.10%
09/01/21ISM Manufacturing58.559.5
09/01/21ISM Prices Paid83.885.7
09/01/21ISM New Orders64.9
09/01/21ISM Employment52.9
09/01/21Wards Total Vehicle Sales14.50m14.75m
09/02/21Challenger Job Cuts YoY-92.80%
09/02/21Nonfarm Productivity2.50%2.30%
09/02/21Initial Jobless Claims345k353k
09/02/21Unit Labor Costs0.90%1.00%
09/02/21Continuing Claims2810k2862k
09/02/21Trade Balance-$70.9b-$75.7b
09/02/21Langer Consumer Comfort57.2
09/02/21Factory Orders0.30%1.50%
09/02/21Factory Orders Ex Trans1.40%
09/02/21Durable Goods Orders-0.10%-0.10%
09/02/21Durables Ex Transportation0.70%0.70%
09/02/21Cap Goods Orders Nondef Ex Air0.00%
09/02/21Cap Goods Ship Nondef Ex Air1.00%
09/03/21Change in Nonfarm Payrolls745k943k
09/03/21Two-Month Payroll Net Revision119k
09/03/21Change in Private Payrolls618k703k
09/03/21Change in Manufact. Payrolls25k27k
09/03/21Unemployment Rate5.20%5.40%
09/03/21Average Hourly Earnings MoM0.30%0.40%
09/03/21Average Hourly Earnings YoY4.00%4.00%
09/03/21Average Weekly Hours All Employees34.834.8
09/03/21Labor Force Participation Rate61.80%61.70%
09/03/21Underemployment Rate9.20%
09/03/21Markit US Services PMI55.255.2
09/03/21Markit US Composite PMI55.4
09/03/21ISM Services Index61.664.1


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