August 9, 2021 Headlines

Treasury yields are 2bps lower overnight in a slight reversal from Friday’s sell-off that was sparked by a blow-out nonfarm payroll report. The US added 943,000 jobs in July (870k expected), and the June figure was revised higher by 88,000 jobs. This week, the market will be focused on Wednesday’s inflation data as recent comments from Dallas President Robert Kaplan emphasized the debate on the future path of monetary stimulus. Later in August, the Federal Reserve is expected to host their annual Jackson Hole symposium which discusses economic issues and heavily scrutinized for hints on upcoming policy changes.

Chris Eckhoff
Associate, Investment Management Group

DateEventSurveyActualPriorRevised
8/9/2021JOLTS Job Openings9270k9209k
8/10/2021NFIB Small Business Optimism102102.5
8/10/2021Nonfarm Productivity3.20%5.40%
8/10/2021Unit Labor Costs0.90%1.70%
8/11/2021MBA Mortgage Applications-1.70%
8/11/2021CPI MoM0.50%0.90%
8/11/2021CPI Ex Food and Energy MoM0.40%0.90%
8/11/2021CPI YoY5.30%5.40%
8/11/2021CPI Ex Food and Energy YoY4.30%4.50%
8/11/2021CPI Index NSA272.935271.696
8/11/2021CPI Core Index SA279.531278.14
8/11/2021Real Avg Weekly Earnings YoY-1.40%-1.00%
8/11/2021Real Avg Hourly Earning YoY-1.70%-1.60%
8/11/2021Monthly Budget Statement-$266.5b-$174.2b
8/12/2021PPI Final Demand MoM0.60%1.00%
8/12/2021Initial Jobless Claims375k385k
8/12/2021PPI Ex Food and Energy MoM0.50%1.00%
8/12/2021Continuing Claims2880k2930k
8/12/2021PPI Ex Food, Energy, Trade MoM0.50%0.50%
8/12/2021PPI Final Demand YoY7.10%7.30%
8/12/2021PPI Ex Food and Energy YoY5.60%5.60%
8/12/2021PPI Ex Food, Energy, Trade YoY5.50%
8/12/2021Langer Consumer Comfort53.3
8/13/2021Import Price Index MoM0.60%1.00%
8/13/2021Import Price Index ex Petroleum MoM0.50%0.70%
8/13/2021Import Price Index YoY10.50%11.20%
8/13/2021Export Price Index MoM0.80%1.20%
8/13/2021Export Price Index YoY16.80%
8/13/2021Bloomberg Aug. United States Economic Survey
8/13/2021U. of Mich. Sentiment81.281.2
8/13/2021U. of Mich. Current Conditions84.5
8/13/2021U. of Mich. Expectations79
8/13/2021U. of Mich. 1 Yr Inflation4.60%4.70%
8/13/2021U. of Mich. 5-10 Yr Inflation2.80%

 

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