February 1, 2022 Headlines

A welcomed rally in the Treasury market has yields down 3 basis points across the curve following a relatively quiet overnight session. Equities are still struggling to gain footing in 2022, with S&P 500 futures slightly lower following the worst month for the index (-5.17%) since March 2020. It was also the worst January for the index since 2009. The next big events for the bond market are Thursday’s decisions from the Bank of England and European Central Bank, as well as the January jobs report on Friday. Regarding the latter, the White House is preparing for a worse-than-expected payrolls number due to Omicron, according to Axios.

Jason Haley
Chief Investment Officer

01/31/22MNI Chicago PMI61.565.263.164.3
01/31/22Dallas Fed Manf. Activity828.17.8
02/01/22Markit US Manufacturing PMI5555
02/01/22Construction Spending MoM0.60%0.40%
02/01/22ISM Manufacturing57.558.758.8
02/01/22ISM Prices Paid6768.2
02/01/22ISM New Orders5860.461
02/01/22ISM Employment5354.253.9
02/01/22JOLTS Job Openings10300k10562k
02/01/22Wards Total Vehicle Sales13.00m12.44m
02/02/22MBA Mortgage Applications-7.10%
02/02/22ADP Employment Change184k807k
02/03/22Challenger Job Cuts YoY-75.30%
02/03/22Nonfarm Productivity3.90%-5.20%
02/03/22Unit Labor Costs1.00%9.60%
02/03/22Initial Jobless Claims245k260k
02/03/22Continuing Claims1619k1675k
02/03/22Markit US Services PMI50.950.9
02/03/22Markit US Composite PMI50.850.8
02/03/22ISM Services Index59.66262.3
02/03/22Factory Orders-0.40%1.60%
02/03/22Factory Orders Ex Trans0.40%0.80%
02/03/22Durable Goods Orders-0.90%-0.90%
02/03/22Durables Ex Transportation0.40%
02/03/22Cap Goods Orders Nondef Ex Air0.00%
02/03/22Cap Goods Ship Nondef Ex Air1.30%
02/04/22Revisions: Employment Report – Establishment Survey
02/04/22Change in Nonfarm Payrolls150k199k
02/04/22Two-Month Payroll Net Revision141k
02/04/22Change in Private Payrolls100k211k
02/04/22Change in Manufact. Payrolls21k26k
02/04/22Unemployment Rate3.90%3.90%
02/04/22Average Hourly Earnings MoM0.50%0.60%
02/04/22Average Hourly Earnings YoY5.20%4.70%
02/04/22Average Weekly Hours All Employees34.734.7
02/04/22Labor Force Participation Rate61.90%61.90%
02/04/22Underemployment Rate7.30%


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