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

Date Event Surv(M) Actual Prior Revised
01/31/22 MNI Chicago PMI 61.5 65.2 63.1 64.3
01/31/22 Dallas Fed Manf. Activity 8 2 8.1 7.8
02/01/22 Markit US Manufacturing PMI 55 55
02/01/22 Construction Spending MoM 0.60% 0.40%
02/01/22 ISM Manufacturing 57.5 58.7 58.8
02/01/22 ISM Prices Paid 67 68.2
02/01/22 ISM New Orders 58 60.4 61
02/01/22 ISM Employment 53 54.2 53.9
02/01/22 JOLTS Job Openings 10300k 10562k
02/01/22 Wards Total Vehicle Sales 13.00m 12.44m
02/02/22 MBA Mortgage Applications -7.10%
02/02/22 ADP Employment Change 184k 807k
02/03/22 Challenger Job Cuts YoY -75.30%
02/03/22 Nonfarm Productivity 3.90% -5.20%
02/03/22 Unit Labor Costs 1.00% 9.60%
02/03/22 Initial Jobless Claims 245k 260k
02/03/22 Continuing Claims 1619k 1675k
02/03/22 Markit US Services PMI 50.9 50.9
02/03/22 Markit US Composite PMI 50.8 50.8
02/03/22 ISM Services Index 59.6 62 62.3
02/03/22 Factory Orders -0.40% 1.60%
02/03/22 Factory Orders Ex Trans 0.40% 0.80%
02/03/22 Durable Goods Orders -0.90% -0.90%
02/03/22 Durables Ex Transportation 0.40%
02/03/22 Cap Goods Orders Nondef Ex Air 0.00%
02/03/22 Cap Goods Ship Nondef Ex Air 1.30%
02/04/22 Revisions: Employment Report – Establishment Survey
02/04/22 Change in Nonfarm Payrolls 150k 199k
02/04/22 Two-Month Payroll Net Revision 141k
02/04/22 Change in Private Payrolls 100k 211k
02/04/22 Change in Manufact. Payrolls 21k 26k
02/04/22 Unemployment Rate 3.90% 3.90%
02/04/22 Average Hourly Earnings MoM 0.50% 0.60%
02/04/22 Average Hourly Earnings YoY 5.20% 4.70%
02/04/22 Average Weekly Hours All Employees 34.7 34.7
02/04/22 Labor Force Participation Rate 61.90% 61.90%
02/04/22 Underemployment Rate 7.30%


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