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

Date	Event	Surv(M)	Actual	Prior	Revised
08/30/21	Pending Home Sales MoM	0.30%	-1.80%	-1.90%	-2.00%
08/30/21	Pending Home Sales NSA YoY	-8.80%	-9.50%	-3.30%	-3.50%
08/30/21	Dallas Fed Manf. Activity	23	9	27.3	—
08/31/21	FHFA House Price Index MoM	1.90%	—	1.70%	—
08/31/21	House Price Purchase Index QoQ	—	—	3.50%	—
08/31/21	S&P CoreLogic CS 20-City MoM SA	1.80%	—	1.81%	—
08/31/21	S&P CoreLogic CS 20-City YoY NSA	18.60%	—	16.99%	—
08/31/21	S&P CoreLogic CS US HPI YoY NSA	—	—	16.61%	—
08/31/21	MNI Chicago PMI	68	—	73.4	—
08/31/21	Conf. Board Consumer Confidence	123	—	129.1	—
08/31/21	Conf. Board Present Situation	—	—	160.3	—
08/31/21	Conf. Board Expectations	—	—	108.4	—
09/01/21	MBA Mortgage Applications	—	—	1.60%	—
09/01/21	ADP Employment Change	625k	—	330k	—
09/01/21	Markit US Manufacturing PMI	61.2	—	61.2	—
09/01/21	Construction Spending MoM	0.20%	—	0.10%	—
09/01/21	ISM Manufacturing	58.5	—	59.5	—
09/01/21	ISM Prices Paid	83.8	—	85.7	—
09/01/21	ISM New Orders	—	—	64.9	—
09/01/21	ISM Employment	—	—	52.9	—
09/01/21	Wards Total Vehicle Sales	14.50m	—	14.75m	—
09/02/21	Challenger Job Cuts YoY	—	—	-92.80%	—
09/02/21	Nonfarm Productivity	2.50%	—	2.30%	—
09/02/21	Initial Jobless Claims	345k	—	353k	—
09/02/21	Unit Labor Costs	0.90%	—	1.00%	—
09/02/21	Continuing Claims	2810k	—	2862k	—
09/02/21	Trade Balance	-$70.9b	—	-$75.7b	—
09/02/21	Langer Consumer Comfort	—	—	57.2	—
09/02/21	Factory Orders	0.30%	—	1.50%	—
09/02/21	Factory Orders Ex Trans	—	—	1.40%	—
09/02/21	Durable Goods Orders	-0.10%	—	-0.10%	—
09/02/21	Durables Ex Transportation	0.70%	—	0.70%	—
09/02/21	Cap Goods Orders Nondef Ex Air	—	—	0.00%	—
09/02/21	Cap Goods Ship Nondef Ex Air	—	—	1.00%	—
09/03/21	Change in Nonfarm Payrolls	745k	—	943k	—
09/03/21	Two-Month Payroll Net Revision	—	—	119k	—
09/03/21	Change in Private Payrolls	618k	—	703k	—
09/03/21	Change in Manufact. Payrolls	25k	—	27k	—
09/03/21	Unemployment Rate	5.20%	—	5.40%	—
09/03/21	Average Hourly Earnings MoM	0.30%	—	0.40%	—
09/03/21	Average Hourly Earnings YoY	4.00%	—	4.00%	—
09/03/21	Average Weekly Hours All Employees	34.8	—	34.8	—
09/03/21	Labor Force Participation Rate	61.80%	—	61.70%	—
09/03/21	Underemployment Rate	—	—	9.20%	—
09/03/21	Markit US Services PMI	55.2	—	55.2	—
09/03/21	Markit US Composite PMI	—	—	55.4	—
09/03/21	ISM Services Index	61.6	—	64.1	—

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