June 1, 2021 Headlines

A mild risk-on tone in global markets is pushing Treasury yields higher and steeper to start the week, and US equity futures are up 40-75 bps. In an interview with the Financial Times, St. Louis Fed President Jim Bullard expressed his opinion that labor markets are tighter than they appear, pointing to anecdotal evidence of worker shortages in some sectors. This week’s economic calendar is headlined by the May jobs report on Friday. Nonfarm payrolls are expected to add just over 650,000 jobs, and the headline unemployment rate is expected to fall 20 bps to 5.9%.

Jason Haley
Chief Investment Officer

06/01/21Markit US Manufacturing PMI61.561.5
06/01/21Construction Spending MoM0.50%0.20%
06/01/21ISM Manufacturing6160.7
06/01/21ISM Prices Paid8989.6
06/01/21ISM New Orders64.3
06/01/21ISM Employment55.1
06/01/21Dallas Fed Manf. Activity3637.3
06/02/21MBA Mortgage Applications-4.20%
06/02/21U.S. Federal Reserve Releases Beige Book
06/02/21Wards Total Vehicle Sales17.20m18.51m
06/03/21Challenger Job Cuts YoY-96.60%
06/03/21ADP Employment Change650k742k
06/03/21Nonfarm Productivity5.50%5.40%
06/03/21Unit Labor Costs-0.40%-0.30%
06/03/21Initial Jobless Claims385k406k
06/03/21Continuing Claims3618k3642k
06/03/21Langer Consumer Comfort53.8
06/03/21Markit US Services PMI70.170.1
06/03/21Markit US Composite PMI68.1
06/03/21ISM Services Index6362.7
06/04/21Change in Nonfarm Payrolls653k266k
06/04/21Two-Month Payroll Net Revision-78k
06/04/21Change in Private Payrolls600k218k
06/04/21Change in Manufact. Payrolls22k-18k
06/04/21Unemployment Rate5.90%6.10%
06/04/21Average Hourly Earnings MoM0.20%0.70%
06/04/21Average Hourly Earnings YoY1.60%0.30%
06/04/21Average Weekly Hours All Employees34.935
06/04/21Labor Force Participation Rate61.80%61.70%
06/04/21Underemployment Rate10.40%
06/04/21Durable Goods Orders-1.30%-1.30%
06/04/21Factory Orders-0.30%1.10%
06/04/21Durables Ex Transportation1.00%1.00%
06/04/21Factory Orders Ex Trans1.70%
06/04/21Cap Goods Orders Nondef Ex Air2.30%
06/04/21Cap Goods Ship Nondef Ex Air0.90%

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