January 4, 2021 Headlines

Treasury yields are drifting higher and steeper to start 2021 amid a positive tone in global risk markets. Most major equity indices are higher despite warnings of new and extended Covid-related lockdowns in Japan and Europe. This week’s economic calendar is relatively full, headlined by the December jobs report on Friday. We will also see December PMI data and the minutes of the December 16 FOMC meeting. There will be several public appearances by Fed leaders this week, including three today at the annual American Economic Association meeting (Evans, Bostic, and Mester).

Jason Haley
Chief Investment Officer

01/04/21Markit US Manufacturing PMI56.356.5
01/04/21Construction Spending MoM1.00%1.30%
01/05/21ISM Manufacturing56.757.5
01/05/21ISM New Orders65.1
01/05/21ISM Prices Paid65.4
01/05/21ISM Employment48.4
01/05/21Wards Total Vehicle Sales15.73m15.55m
01/06/21MBA Mortgage Applications0.80%
01/06/21ADP Employment Change50k307k
01/06/21Markit US Services PMI55.255.3
01/06/21Markit US Composite PMI55.7
01/06/21Factory Orders0.70%1.00%
01/06/21Factory Orders Ex Trans1.00%
01/06/21Durable Goods Orders0.90%0.90%
01/06/21Durables Ex Transportation0.40%0.40%
01/06/21Cap Goods Orders Nondef Ex Air0.40%
01/06/21Cap Goods Ship Nondef Ex Air0.40%
01/06/21FOMC Meeting Minutes
01/07/21Challenger Job Cuts YoY45.40%
01/07/21Initial Jobless Claims803k787k
01/07/21Continuing Claims5150k5219k
01/07/21Trade Balance-$67.0b-$63.1b
01/07/21Bloomberg Consumer Comfort44.6
01/07/21ISM Services Index54.555.9
01/08/21Revisions: Household Survey data
01/08/21Two-Month Payroll Net Revision11k
01/08/21Change in Nonfarm Payrolls62k245k
01/08/21Change in Private Payrolls50k344k
01/08/21Change in Manufact. Payrolls16k27k
01/08/21Unemployment Rate6.80%6.70%
01/08/21Average Hourly Earnings MoM0.20%0.30%
01/08/21Average Hourly Earnings YoY4.50%4.40%
01/08/21Average Weekly Hours All Employees34.834.8
01/08/21Labor Force Participation Rate61.50%
01/08/21Underemployment Rate12.00%
01/08/21Wholesale Trade Sales MoM1.80%
01/08/21Wholesale Inventories MoM-0.10%-0.10%
01/08/21Consumer Credit$9.000b$7.228b

Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.