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

Date Event Surv(M) Actual Prior Revised
06/01/21 Markit US Manufacturing PMI 61.5 62.1 61.5 —
06/01/21 Construction Spending MoM 0.50% 0.20% 0.20% 1.00%
06/01/21 ISM Manufacturing 61 61.2 60.7 —
06/01/21 ISM Prices Paid 89.5 88 89.6 —
06/01/21 ISM New Orders 66 67 64.3 —
06/01/21 ISM Employment 54.6 50.9 55.1 —
06/01/21 Dallas Fed Manf. Activity 36.3 34.9 37.3 —
06/02/21 MBA Mortgage Applications — -4.00% -4.20% —
06/02/21 U.S. Federal Reserve Releases Beige Book
06/02/21 Wards Total Vehicle Sales 17.30m 16.99m 18.51m —
06/03/21 Challenger Job Cuts YoY — -93.80% -96.60% —
06/03/21 ADP Employment Change 650k 978k 742k 654k
06/03/21 Nonfarm Productivity 5.50% 5.40% 5.40% —
06/03/21 Unit Labor Costs -0.40% 1.70% -0.30% —
06/03/21 Initial Jobless Claims 387k 385k 406k 405k
06/03/21 Continuing Claims 3614k 3771k 3642k 3602k
06/03/21 Langer Consumer Comfort — — 53.8 —
06/03/21 Markit US Services PMI 70.1 — 70.1 —
06/03/21 Markit US Composite PMI — — 68.1 —
06/03/21 ISM Services Index 63.2 — 62.7 —
06/04/21 Change in Nonfarm Payrolls 661k — 266k —
06/04/21 Two-Month Payroll Net Revision — — -78k —
06/04/21 Change in Private Payrolls 600k — 218k —
06/04/21 Change in Manufact. Payrolls 21k — -18k —
06/04/21 Unemployment Rate 5.90% — 6.10% —
06/04/21 Average Hourly Earnings MoM 0.20% — 0.70% —
06/04/21 Average Hourly Earnings YoY 1.60% — 0.30% —
06/04/21 Average Weekly Hours All Employees 34.9 — 35 —
06/04/21 Labor Force Participation Rate 61.80% — 61.70% —
06/04/21 Underemployment Rate — — 10.40% —
06/04/21 Factory Orders -0.30% — 1.10% —
06/04/21 Factory Orders Ex Trans — — 1.70% —
06/04/21 Durable Goods Orders -1.30% — -1.30% —
06/04/21 Durables Ex Transportation 1.00% — 1.00% —
06/04/21 Cap Goods Orders Nondef Ex Air 2.30% — 2.30% —
06/04/21 Cap Goods Ship Nondef Ex Air — — 0.90% —

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