Treasury yields are roughly a basis point lower this morning following an overnight session that saw equities and commodities rally. Economic data out of Europe was mixed, with German industrial production coming in lower than expected, while Eurozone third quarter GDP came in as expected with a 0.6% increase quarter over quarter. In the US, initial jobless claims declined by 2,000 from the prior week and the number of Americans continuing to receive unemployment benefits fell as well to 1,908k from 1,957k.

Hafizan Hamzah
Director, Investment Management Group

12/04Factory Orders-0.40%-0.10%1.40%1.70%
12/04Factory Orders Ex Trans0.80%0.70%1.10%
12/04Durable Goods Orders-1.10%-0.80%-1.20%
12/04Durables Ex Transportation0.90%0.40%
12/04Cap Goods Orders Nondef Ex Air0.30%-0.50%
12/04Cap Goods Ship Nondef Ex Air1.10%0.40%
12/05Trade Balance-$47.5b-$48.7b-$43.5b-$44.9b
12/05Markit US Services PMI55.254.554.7
12/05Markit US Composite PMI54.554.6
12/05ISM Non-Manf. Composite5957.460.1
12/06MBA Mortgage Applications4.70%-3.10%
12/06ADP Employment Change190k190k235k
12/06Nonfarm Productivity3.30%3.00%3.00%
12/06Unit Labor Costs0.20%-0.20%0.50%
12/07Challenger Job Cuts YoY30.10%-3.00%
12/07Initial Jobless Claims240k236k238k
12/07Continuing Claims1919k1908k1957k1960k
12/07Bloomberg Consumer Comfort52.351.6
12/07Household Change in Net Worth$1698b
12/07Consumer Credit$17.000b$20.830b
12/08Change in Nonfarm Payrolls195k261k
12/08Two-Month Payroll Net Revision90k
12/08Change in Private Payrolls198k252k
12/08Change in Manufact. Payrolls15k24k
12/08Unemployment Rate4.10%4.10%
12/08Average Hourly Earnings MoM0.30%0.00%
12/08Average Hourly Earnings YoY2.70%2.40%
12/08Average Weekly Hours All Employees34.434.4
12/08Labor Force Participation Rate62.70%
12/08Underemployment Rate7.90%
12/08Wholesale Inventories MoM-0.40%-0.40%
12/08Wholesale Trade Sales MoM0.30%1.30%
12/08U. of Mich. Sentiment9998.5
12/08U. of Mich. Current Conditions114.3113.5
12/08U. of Mich. Expectations90.588.9
12/08U. of Mich. 1 Yr Inflation2.50%
12/08U. of Mich. 5-10 Yr Inflation2.40%