June 4, 2021 Headlines

The May jobs report was softer than expected for a second consecutive month. Nonfarm payrolls added 559,000 jobs in May versus expectations of a 675,000 increase, and the prior two months were revised higher by just 27,000 jobs. The headline unemployment rate fell more than expected to 5.8%, but the outsized decline was due in large part to a contraction in the official labor pool, which pushed the labor participation rate down to 61.6%. Wage growth was higher than expected, with average hourly earnings rising 0.5% m/m (0.2% expected).  Treasuries are unchanged to slightly higher (price) in the immediate aftermath of the release.

Jason Haley
Chief Investment Officer

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 Comfort55.653.8
06/03/21Markit US Services PMI70.170.470.1
06/03/21Markit US Composite PMI68.768.1
06/03/21ISM Services Index63.26462.7
06/04/21Change in Nonfarm Payrolls675k559k266k278k
06/04/21Two-Month Payroll Net Revision27k
06/04/21Change in Private Payrolls610k492k218k219k
06/04/21Change in Manufact. Payrolls25k23k-18k-32k
06/04/21Unemployment Rate5.90%5.80%6.10%
06/04/21Average Hourly Earnings YoY1.60%2.00%0.30%0.40%
06/04/21Average Weekly Hours All Employees34.934.93534.9
06/04/21Average Hourly Earnings MoM0.20%0.50%0.70%
06/04/21Labor Force Participation Rate61.80%61.60%61.70%
06/04/21Underemployment Rate10.20%10.40%
06/04/21Factory Orders-0.20%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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