August 6, 2020 Headlines

Initial jobless claims came in lower than expected this morning at 1.186mm vs a median forecast of 1.400mm. The number of Americans filing for unemployment benefits had its steepest drop in nearly two months. Continuing claims also fell last week, declining to 16.1mm vs a median expectation of 16.9mm. While today’s data is indeed a welcome reprieve, the labor market still has a ways to go to get back to healthy levels and eyes continue to look towards Congress as lawmakers try to hash out an additional round of stimulus.

Hafizan Hamzah
Director, Investment Management Group

8/3/20Markit US Manufacturing PMI51.350.951.3
8/3/20ISM Manufacturing53.654.252.6
8/3/20ISM New Orders55.161.556.4
8/3/20ISM Prices Paid5253.251.3
8/3/20ISM Employment44.342.1
8/3/20Construction Spending MoM1.00%-0.70%-2.10%-1.70%
8/3/20Wards Total Vehicle Sales14.00m14.52m13.05m
8/4/20Factory Orders5.00%6.20%8.00%7.70%
8/4/20Factory Orders Ex Trans4.40%2.60%
8/4/20Durable Goods Orders7.30%7.60%7.30%
8/4/20Durables Ex Transportation3.30%3.60%3.30%
8/4/20Cap Goods Orders Nondef Ex Air3.40%3.30%
8/4/20Cap Goods Ship Nondef Ex Air3.30%3.40%
8/5/20MBA Mortgage Applications-5.10%-0.80%
8/5/20ADP Employment Change1200k167k2369k4314k
8/5/20Trade Balance-$50.2b-$50.7b-$54.6b-$54.8b
8/5/20Markit US Services PMI49.65049.6
8/5/20Markit US Composite PMI50.350
8/5/20ISM Services Index5558.157.1
8/6/20Challenger Job Cuts YoY576.10%305.50%
8/6/20Initial Jobless Claims1400k1186k1434k1435k
8/6/20Continuing Claims16900k16107k17018k16951k
8/6/20Bloomberg Consumer Comfort44.3
8/7/20Two-Month Payroll Net Revision
8/7/20Change in Nonfarm Payrolls1500k4800k
8/7/20Change in Private Payrolls1398k4767k
8/7/20Change in Manufact. Payrolls273k356k
8/7/20Unemployment Rate10.50%11.10%
8/7/20Average Hourly Earnings MoM-0.50%-1.20%
8/7/20Average Hourly Earnings YoY4.20%5.00%
8/7/20Average Weekly Hours All Employees34.434.5
8/7/20Labor Force Participation Rate61.80%61.50%
8/7/20Underemployment Rate18.00%
8/7/20Wholesale Inventories MoM-2.00%-2.00%
8/7/20Wholesale Trade Sales MoM5.40%
8/7/20Consumer Credit$10.000b-$18.280b


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