January 5, 2022 Headlines

It’s a quiet morning for U.S. markets following an uneventful overnight session. Treasuries and equity futures are little changed as the market awaits three important economic releases over the next week, beginning with the December 15 FOMC minutes this afternoon. On Friday we will see the December jobs report, and the December CP report will be released next Wednesday. The Washington Post is reporting that a group of Republican and Democratic Senators are discussing another potential round of relief spending for U.S. business impacted by the spread of the omicron variant, but as the article points out, it faces an uphill battle securing GOP support for new spending in the narrowly divided Senate.

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 Manufacturing6058.761.1
01/04/22ISM Prices Paid79.368.282.4
01/04/22ISM New Orders60.460.461.5
01/04/22ISM Employment53.654.253.3
01/04/22JOLTS Job Openings11079k10562k11033k11091k
01/04/22Wards Total Vehicle Sales13.10m12.44m12.86m
01/05/22MBA Mortgage Applications-5.60%3.20%
01/05/22ADP Employment Change410k807k534k505k
01/05/22Markit US Services PMI57.557.5
01/05/22Markit US Composite PMI56.9
01/05/22FOMC Meeting Minutes
01/06/22Challenger Job Cuts YoY-77.00%
01/06/22Trade Balance-$80.9b-$67.1b
01/06/22Initial Jobless Claims195k198k
01/06/22Continuing Claims1680k1716k
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 Payrolls424k210k
01/07/22Change in Private Payrolls384k235k
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$20.000b$16.897b

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