February 3, 2020 Headlines

The tone in U.S. risk markets is improved to start the day despite overnight turmoil in Chinese markets. The latter opened for the first time since January 23 (extended Lunar New Year holiday), and stocks were down more than 8% at the open on coronavirus fears. The Chinese government took measures to offset the selloff, including central bank liquidity injections. U.S. investors faded the action in Chinese markets, with S&P 500 futures up as much as 0.81% in early trading (currently +0.55%), and Treasury yields are up 2-4 bps across the curve. This week’s economic calendar is headlined by the January jobs report on Friday, and the final January Markit PMI estimates will be released on Thursday.

Jason Haley
Chief Investment Officer

2/3/2020Markit US Manufacturing PMI51.751.7
2/3/2020Construction Spending MoM0.50%0.60%
2/3/2020ISM Manufacturing48.547.247.8
2/3/2020ISM New Orders47.746.847.6
2/3/2020ISM Prices Paid5151.7
2/3/2020ISM Employment45.145.2
2/3/2020Wards Total Vehicle Sales16.80m16.70m
2/4/2020Factory Orders1.20%-0.70%
2/4/2020Factory Orders Ex Trans0.10%0.30%
2/4/2020Durable Goods Orders2.40%2.40%
2/4/2020Durables Ex Transportation-0.10%-0.10%
2/4/2020Cap Goods Orders Nondef Ex Air-0.90%-0.90%
2/4/2020Cap Goods Ship Nondef Ex Air-0.40%
2/5/2020MBA Mortgage Applications7.20%
2/5/2020ADP Employment Change158k202k
2/5/2020Trade Balance-$48.2b-$43.1b
2/5/2020Markit US Services PMI53.253.2
2/5/2020Markit US Composite PMI53.1
2/5/2020ISM Non-Manufacturing Index55.15554.9
2/6/2020Challenger Job Cuts YoY-25.20%
2/6/2020Unit Labor Costs1.30%2.50%
2/6/2020Nonfarm Productivity1.60%-0.20%
2/6/2020Initial Jobless Claims215k216k
2/6/2020Continuing Claims1720k1703k
2/6/2020Bloomberg Consumer Comfort67.3
2/7/2020Change in Nonfarm Payrolls160k145k
2/7/2020Two-Month Payroll Net Revision-14k
2/7/2020Change in Private Payrolls150k139k
2/7/2020Change in Manufact. Payrolls-3k-12k
2/7/2020Unemployment Rate3.50%3.50%
2/7/2020Average Hourly Earnings MoM0.30%0.10%
2/7/2020Average Hourly Earnings YoY3.00%2.90%
2/7/2020Average Weekly Hours All Employees34.334.3
2/7/2020Labor Force Participation Rate63.20%63.20%
2/7/2020Underemployment Rate6.70%
2/7/2020Wholesale Inventories MoM-0.10%-0.10%
2/7/2020Wholesale Trade Sales MoM0.10%1.50%
2/7/2020Consumer Credit$15.000b$12.513b






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