June 3, 2022 Headlines

Today’s job report came in better than expected with employers adding 390,000 jobs in May. The median forecast called for an increase of 318,000. The news pushed the Treasury curve higher and steeper, with front-end yields up 5-6 bps and long-end yields up 7-8 bps. Treasuries have since retraced some of that move and are 4-5 bps higher across the curve.

 The unemployment rate remained unchanged at 3.6%. May saw average hourly earnings rise by 0.3% and by 5.2% y/y. The slowdown in wage growth, April was + 5.5% y/y, and better than expected increase in payrolls suggest that the market may see a pullback in inflationary pressure. 

Hafizan Hamzah
Senior Director, Investment Management Group

05/31/22FHFA House Price Index MoM2.00%1.50%2.10%1.90%
05/31/22House Price Purchase Index QoQ4.60%3.30%3.60%
05/31/22S&P CoreLogic CS 20-City MoM SA1.90%2.42%2.39%
05/31/22S&P CoreLogic CS 20-City YoY NSA20.00%21.17%20.20%20.26%
05/31/22S&P CoreLogic CS US HPI YoY NSA20.55%19.80%20.01%
05/31/22MNI Chicago PMI5560.356.4
05/31/22Conf. Board Consumer Confidence103.6106.4107.3108.6
05/31/22Conf. Board Present Situation149.6152.6152.9
05/31/22Conf. Board Expectations77.577.279
05/31/22Dallas Fed Manf. Activity1.5-7.31.1
06/01/22MBA Mortgage Applications-2.30%-1.20%
06/01/22S&P Global US Manufacturing PMI57.55757.5
06/01/22Construction Spending MoM0.50%0.20%0.10%0.30%
06/01/22ISM Manufacturing54.556.155.4
06/01/22ISM Prices Paid8182.284.6
06/01/22ISM New Orders52.955.153.5
06/01/22ISM Employment5249.650.9
06/01/22JOLTS Job Openings11350k11400k11549k11855k
06/01/22U.S. Federal Reserve Releases Beige Book
06/01/22Wards Total Vehicle Sales13.70m12.68m14.29m
06/02/22Challenger Job Cuts YoY-15.80%6.00%
06/02/22ADP Employment Change300k128k247k202k
06/02/22Nonfarm Productivity-7.50%-7.30%-7.50%
06/02/22Unit Labor Costs11.60%12.60%11.60%
06/02/22Initial Jobless Claims210k200k210k211k
06/02/22Continuing Claims1340k1309k1346k1343k
06/02/22Factory Orders0.70%0.30%2.20%1.80%
06/02/22Factory Orders Ex Trans0.30%2.50%2.20%
06/02/22Durable Goods Orders0.40%0.50%0.40%
06/02/22Durables Ex Transportation0.30%0.40%0.30%
06/02/22Cap Goods Orders Nondef Ex Air0.40%0.40%0.30%
06/02/22Cap Goods Ship Nondef Ex Air0.80%0.80%
06/03/22Two-Month Payroll Net Revision-22k
06/03/22Change in Nonfarm Payrolls318k390k428k436k
06/03/22Change in Private Payrolls301k333k406k405k
06/03/22Change in Manufact. Payrolls39k18k55k61k
06/03/22Unemployment Rate3.50%3.60%3.60%
06/03/22Average Hourly Earnings YoY5.20%5.20%5.50%
06/03/22Average Hourly Earnings MoM0.40%0.30%0.30%
06/03/22Average Weekly Hours All Employees34.634.634.6
06/03/22Labor Force Participation Rate62.30%62.30%62.20%
06/03/22Underemployment Rate7.10%7.00%
06/03/22S&P Global US Services PMI53.553.453.5
06/03/22S&P Global US Composite PMI53.853.653.8
06/03/22ISM Services Index56.557.1

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