December 1, 2020 Headlines

Treasury yields are higher this morning following better than expected economic data from China and Europe. All major global equity indices are higher on the day, and S&P 500 futures are up 0.91% ahead of the open. China’s Caixin PMI manufacturing index rose to 54.9 in November, the highest reading in 10 years, and also fueling today’s risk-on trade was a reduction in German unemployment and an upward revision to  preliminary November manufacturing PMI data for the Eurozone.  Fed Chair Powell is appearing before the Senate Banking Committee this morning, and in his prepared remarks, Powell highlights both hopes (vaccines) and uncertainties (timing, distribution, and usage rate of vaccines). Not surprisingly, he also expressed concern regarding the recent rise in Covid cases in the U.S. and abroad but provides no hints in his opening statement of any new efforts by the central bank to provide additional monetary stimulus. 

Jason Haley
Chief Investment Officer

11/30/20MNI Chicago PMI5958.261.1
11/30/20Pending Home Sales MoM1.00%-1.10%-2.20%-2.00%
11/30/20Pending Home Sales NSA YoY19.50%21.90%22.20%
11/30/20Dallas Fed Manf. Activity14.31219.8
12/01/20Markit US Manufacturing PMI56.756.7
12/01/20ISM Manufacturing5859.3
12/01/20ISM New Orders67.9
12/01/20ISM Prices Paid6565.5
12/01/20ISM Employment53.2
12/01/20Construction Spending MoM0.80%0.30%
12/01/20Wards Total Vehicle Sales16.10m16.21m
12/02/20MBA Mortgage Applications3.90%
12/02/20ADP Employment Change430k365k
12/02/20U.S. Federal Reserve Releases Beige Book
12/03/20Challenger Job Cuts YoY60.40%
12/03/20Initial Jobless Claims775k778k
12/03/20Continuing Claims5800k6071k
12/03/20Bloomberg Consumer Comfort49.6
12/03/20Markit US Services PMI57.557.7
12/03/20Markit US Composite PMI57.9
12/03/20ISM Services Index55.856.6
12/04/20Change in Nonfarm Payrolls486k638k
12/04/20Two-Month Payroll Net Revision
12/04/20Change in Private Payrolls574k906k
12/04/20Change in Manufact. Payrolls45k38k
12/04/20Unemployment Rate6.80%6.90%
12/04/20Average Hourly Earnings MoM0.10%0.10%
12/04/20Average Hourly Earnings YoY4.20%4.50%
12/04/20Average Weekly Hours All Employees34.834.8
12/04/20Labor Force Participation Rate61.70%61.70%
12/04/20Underemployment Rate12.10%
12/04/20Trade Balance-$64.8b-$63.9b
12/04/20Factory Orders0.80%1.10%
12/04/20Factory Orders Ex Trans0.50%
12/04/20Durable Goods Orders1.30%1.30%
12/04/20Durables Ex Transportation1.30%1.30%
12/04/20Cap Goods Orders Nondef Ex Air0.70%0.70%
12/04/20Cap Goods Ship Nondef Ex Air2.30%

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