January 4, 2022 Headlines

Treasuries continue to struggle to gain firm traction in the new year, with the 5-year note yield up to the highest level since February 2020 at 1.38%. Reopening of trading in Tokyo and London didn’t bring enough demand to offset yesterday’s sell-off that pushed intermediate and long-end yields up 9-12 basis points, as positive global economic reports and a heavy new issuance calendar for global corporate and government bonds weighs on interest rates across the curve. Overnight PMI data indicates that manufacturing in Europe and Asia expanded more than expected in December despite Omicron concerns, and factories in Europe and the U.S. reported further easing of supply-chain problems as 2021 drew to a close. Also, German retail sales unexpectedly rose in November despite renewed Covid restrictions. U.S. ISM manufacturing data will be released later this morning.

Jason Haley
Chief Investment Officer

01/03/22Markit US Manufacturing PMI57.757.757.8
01/03/22Construction Spending MoM0.60%0.40%0.20%0.40%
01/04/22ISM Manufacturing6061.1
01/04/22ISM Prices Paid79.382.4
01/04/22ISM New Orders60.461.5
01/04/22ISM Employment53.653.3
01/04/22JOLTS Job Openings11079k11033k
01/04/22Wards Total Vehicle Sales13.10m12.86m
01/05/22MBA Mortgage Applications-0.60%
01/05/22ADP Employment Change410k534k
01/05/22Markit US Composite PMI56.9
01/05/22Markit US Services PMI57.557.5
01/05/22FOMC Meeting Minutes
01/06/22Challenger Job Cuts YoY-77.00%
01/06/22Trade Balance-$81.0b-$67.1b
01/06/22Initial Jobless Claims195k198k
01/06/22Continuing Claims1682k1716k
01/06/22Factory Orders Ex Trans1.10%1.60%
01/06/22Factory Orders1.50%1.00%
01/06/22ISM Services Index6769.1
01/06/22Durable Goods Orders2.50%2.50%
01/06/22Durables Ex Transportation0.80%
01/06/22Cap Goods Orders Nondef Ex Air-0.10%
01/06/22Cap Goods Ship Nondef Ex Air0.30%
01/07/22Two-Month Payroll Net Revision
01/07/22Revisions: Employment Report — Household Survey
01/07/22Change in Nonfarm Payrolls420k210k
01/07/22Change in Private Payrolls375k235k
01/07/22Change in Manufact. Payrolls35k31k
01/07/22Unemployment Rate4.10%4.20%
01/07/22Average Hourly Earnings MoM0.40%0.30%
01/07/22Average Hourly Earnings YoY4.20%4.80%
01/07/22Average Weekly Hours All Employees34.834.8
01/07/22Labor Force Participation Rate61.90%61.80%
01/07/22Underemployment Rate7.80%
01/07/22Consumer Credit$21.000b$16.897b


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.