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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