June 3, 2021 Headlines

Rates are a smidge higher this morning following comments made by Philadelphia Fed President Harker. He joined the chorus of Fed officials discussing the possibility of tapering, in his words “it may be time to at least think about thinking about tapering our $120 billion Treasury bond and mortgage-backed securities purchases”. Equity futures are lower following news that President Biden plans to amend a ban on investments in companies with ties to China’s military.

ADP released its May payroll report showing that companies added the most employees in nearly a year. The data showed an increase of 978,000 eclipsing the median forecast of 650,000. The hard-hit leisure and hospitality industry saw the largest uptick in hiring, with 440,000 new employees. Additionally, initial jobless claims fell last week to 385,000 further illustrating an improving labor market.

Hafizan Hamzah
Director, Investment Management Group

06/01/21Markit US Manufacturing PMI61.562.161.5
06/01/21Construction Spending MoM0.50%0.20%0.20%1.00%
06/01/21ISM Manufacturing6161.260.7
06/01/21ISM Prices Paid89.58889.6
06/01/21ISM New Orders666764.3
06/01/21ISM Employment54.650.955.1
06/01/21Dallas Fed Manf. Activity36.334.937.3
06/02/21MBA Mortgage Applications-4.00%-4.20%
06/02/21U.S. Federal Reserve Releases Beige Book
06/02/21Wards Total Vehicle Sales17.30m16.99m18.51m
06/03/21Challenger Job Cuts YoY-93.80%-96.60%
06/03/21ADP Employment Change650k978k742k654k
06/03/21Nonfarm Productivity5.50%5.40%5.40%
06/03/21Unit Labor Costs-0.40%1.70%-0.30%
06/03/21Initial Jobless Claims387k385k406k405k
06/03/21Continuing Claims3614k3771k3642k3602k
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 Index63.262.7
06/04/21Change in Nonfarm Payrolls661k266k
06/04/21Two-Month Payroll Net Revision-78k
06/04/21Change in Private Payrolls600k218k
06/04/21Change in Manufact. Payrolls21k-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%
06/04/21Factory Orders-0.30%1.10%
06/04/21Factory Orders Ex Trans1.70%
06/04/21Durable Goods Orders-1.30%-1.30%
06/04/21Durables Ex Transportation1.00%1.00%
06/04/21Cap Goods Orders Nondef Ex Air2.30%2.30%
06/04/21Cap Goods Ship Nondef Ex Air0.90%

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