December 5, 2019 Headlines

Heavy new issuance in European Government bonds and continued risk-on sentiment weighed on US Treasury yields. The market has remained focused on the potential for a phase one trade deal between the US and China as the Dec 15th tariff hike approaches. Recent reports have suggested officials are moving closer to an agreement on the tariff amount to be scaled back. In addition, both the Hong Kong and Xinjiang legislation will have little impact on the negotiations.

Chris Eckhoff
Associate, Investment Management Group


12/02/19Markit US Manufacturing PMI52.252.652.2
12/02/19ISM Manufacturing49.248.148.3
12/02/19ISM Employment48.246.647.7
12/02/19ISM Prices Paid4746.745.5
12/02/19ISM New Orders4947.249.1
12/02/19Construction Spending MoM0.40%-0.80%0.50%-0.30%
12/03/19Wards Total Vehicle Sales16.90m17.09m16.55m
12/04/19MBA Mortgage Applications-9.20%1.50%
12/04/19ADP Employment Change135k67k125k121k
12/04/19Markit US Services PMI51.651.651.6
12/04/19Markit US Composite PMI5251.9
12/04/19ISM Non-Manufacturing Index54.553.954.7
12/05/19Challenger Job Cuts YoY-16.00%-33.50%
12/05/19Initial Jobless Claims215k203k213k
12/05/19Continuing Claims1660k1693k1640k1642k
12/05/19Trade Balance-$48.5b-$47.2b-$52.5b-$51.1b
12/05/19Bloomberg Consumer Comfort61.760.5
12/05/19Factory Orders0.30%-0.60%
12/05/19Factory Orders Ex Trans-0.10%
12/05/19Durable Goods Orders0.60%0.60%
12/05/19Durables Ex Transportation0.60%0.60%
12/05/19Cap Goods Orders Nondef Ex Air1.20%
12/05/19Cap Goods Ship Nondef Ex Air0.80%
12/06/19Two-Month Payroll Net Revision
12/06/19Change in Nonfarm Payrolls185k128k
12/06/19Change in Private Payrolls179k131k
12/06/19Change in Manufact. Payrolls40k-36k
12/06/19Unemployment Rate3.60%3.60%
12/06/19Average Hourly Earnings MoM0.30%0.20%
12/06/19Average Hourly Earnings YoY3.00%3.00%
12/06/19Average Weekly Hours All Employees34.434.4
12/06/19Labor Force Participation Rate63.30%
12/06/19Underemployment Rate7.00%
12/06/19Wholesale Inventories MoM0.20%0.20%
12/06/19Wholesale Trade Sales MoM0.00%
12/06/19U. of Mich. Sentiment9796.8
12/06/19U. of Mich. Current Conditions112.8111.6
12/06/19U. of Mich. Expectations87.587.3
12/06/19U. of Mich. 1 Yr Inflation2.50%
12/06/19U. of Mich. 5-10 Yr Inflation2.50%
12/06/19Consumer Credit$16.000b$9.513b

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