December 2, 2019 Headlines

Better PMI data in Asia and Europe is contributing to higher Treasury yields this morning.  S&P 500 futures are little changed ahead of the open, with equity investors a little more concerned with trade headlines over the weekend.  Reuters reported Friday that U.S. officials are considering new regulations that would further restrict American suppliers to Huawei. On the other side, Chinese media reported that China will not accept a phase-one deal unless all existing tariffs are lifted (as opposed to just canceling the 12/15 tariffs).  This week’s economic calendar is headlined by the November jobs report on Friday, and Fed Vice Chair Randal Quarles will speak to Congress this week on bank supervision and regulation.

Jason Haley
Managing Director, Investment Management Group

Date Event Survey Actual Prior Revised
12/2/2019 Markit US Manufacturing PMI 52.2 52.6 52.2
12/2/2019 ISM Manufacturing 49.2 48.1 48.3
12/2/2019 ISM Employment 48.2 46.6 47.7
12/2/2019 ISM Prices Paid 47 46.7 45.5
12/2/2019 ISM New Orders 49 47.2 49.1
12/2/2019 Construction Spending MoM 0.40% -0.80% 0.50% -0.30%
12/3/2019 Wards Total Vehicle Sales 16.90m 16.55m
12/4/2019 MBA Mortgage Applications 1.50%
12/4/2019 ADP Employment Change 140k 125k
12/4/2019 Markit US Services PMI 51.6 51.6
12/4/2019 Markit US Composite PMI 51.9
12/4/2019 ISM Non-Manufacturing Index 54.5 54.7
12/5/2019 Challenger Job Cuts YoY -33.50%
12/5/2019 Initial Jobless Claims 215k 213k
12/5/2019 Continuing Claims 1661k 1640k
12/5/2019 Trade Balance -$48.6b -$52.5b
12/5/2019 Bloomberg Consumer Comfort 60.5
12/5/2019 Factory Orders 0.30% -0.60%
12/5/2019 Factory Orders Ex Trans -0.10%
12/5/2019 Durable Goods Orders 0.60% 0.60%
12/5/2019 Durables Ex Transportation 0.60% 0.60%
12/5/2019 Cap Goods Orders Nondef Ex Air 1.20%
12/5/2019 Cap Goods Ship Nondef Ex Air 0.80%
12/6/2019 Change in Nonfarm Payrolls 188k 128k
12/6/2019 Two-Month Payroll Net Revision 95k
12/6/2019 Change in Private Payrolls 178k 131k
12/6/2019 Change in Manufact. Payrolls 40k -36k
12/6/2019 Unemployment Rate 3.60% 3.60%
12/6/2019 Average Hourly Earnings MoM 0.30% 0.20%
12/6/2019 Average Hourly Earnings YoY 3.00% 3.00%
12/6/2019 Average Weekly Hours All Employees 34.4 34.4
12/6/2019 Labor Force Participation Rate 63.30%
12/6/2019 Underemployment Rate 7.00%
12/6/2019 Wholesale Inventories MoM 0.20% 0.20%
12/6/2019 Wholesale Trade Sales MoM 0.00%
12/6/2019 U. of Mich. Sentiment 97 96.8
12/6/2019 U. of Mich. Current Conditions 112.8 111.6
12/6/2019 U. of Mich. Expectations 87.5 87.3
12/6/2019 U. of Mich. 1 Yr Inflation 2.50%
12/6/2019 U. of Mich. 5-10 Yr Inflation 2.50%
12/6/2019 Consumer Credit $16.000b $9.513b





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