January 5, 2021 Headlines

The resumption of heavy government and corporate debt issuance is putting upward pressure on long-end Treasury yields this morning despite a softer tone in risk markets. The surge in Covid hospitalizations continues to put significant pressure on healthcare facilities in parts of the country, with Los Angeles County emergency rooms instructing ambulance drivers to not bring in patients who have virtually no chance of survival. Market participants will be keeping an eye on the Georgia Senate runoffs today given the potential impact on policy matters, and recent polls (for whatever they’re worth anymore) have shown much tighter races as we’ve approached decision day.   

Jason Haley
Chief Investment Officer

01/04/21Markit US Manufacturing PMI56.357.156.5
01/04/21Construction Spending MoM1.00%0.90%1.30%1.60%
01/05/21ISM Manufacturing56.860.757.5
01/05/21ISM New Orders67.965.1
01/05/21ISM Prices Paid6677.665.4
01/05/21ISM Employment51.548.4
01/05/21Wards Total Vehicle Sales15.80m15.55m
01/06/21MBA Mortgage Applications0.80%
01/06/21ADP Employment Change63k307k
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 Claims800k787k
01/07/21Continuing Claims5150k5219k
01/07/21Trade Balance-$67.3b-$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 Revision
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%61.50%
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

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