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

Date Event Surv(M) Actual Prior Revised
01/03/22 Markit US Manufacturing PMI 57.7 57.7 57.8
01/03/22 Construction Spending MoM 0.60% 0.40% 0.20% 0.40%
01/04/22 ISM Manufacturing 60 61.1
01/04/22 ISM Prices Paid 79.3 82.4
01/04/22 ISM New Orders 60.4 61.5
01/04/22 ISM Employment 53.6 53.3
01/04/22 JOLTS Job Openings 11079k 11033k
01/04/22 Wards Total Vehicle Sales 13.10m 12.86m
01/05/22 MBA Mortgage Applications -0.60%
01/05/22 ADP Employment Change 410k 534k
01/05/22 Markit US Composite PMI 56.9
01/05/22 Markit US Services PMI 57.5 57.5
01/05/22 FOMC Meeting Minutes
01/06/22 Challenger Job Cuts YoY -77.00%
01/06/22 Trade Balance -$81.0b -$67.1b
01/06/22 Initial Jobless Claims 195k 198k
01/06/22 Continuing Claims 1682k 1716k
01/06/22 Factory Orders Ex Trans 1.10% 1.60%
01/06/22 Factory Orders 1.50% 1.00%
01/06/22 ISM Services Index 67 69.1
01/06/22 Durable Goods Orders 2.50% 2.50%
01/06/22 Durables Ex Transportation 0.80%
01/06/22 Cap Goods Orders Nondef Ex Air -0.10%
01/06/22 Cap Goods Ship Nondef Ex Air 0.30%
01/07/22 Two-Month Payroll Net Revision
01/07/22 Revisions: Employment Report — Household Survey
01/07/22 Change in Nonfarm Payrolls 420k 210k
01/07/22 Change in Private Payrolls 375k 235k
01/07/22 Change in Manufact. Payrolls 35k 31k
01/07/22 Unemployment Rate 4.10% 4.20%
01/07/22 Average Hourly Earnings MoM 0.40% 0.30%
01/07/22 Average Hourly Earnings YoY 4.20% 4.80%
01/07/22 Average Weekly Hours All Employees 34.8 34.8
01/07/22 Labor Force Participation Rate 61.90% 61.80%
01/07/22 Underemployment Rate 7.80%
01/07/22 Consumer Credit $21.000b $16.897b

 

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