June 5, 2019 Headlines

US Treasuries bull steepened overnight, and equities are set to open higher with S&P 500 futures up +.57% on the back of dovish comments from FOMC members. Fed Chairman Powell’s began the monetary policy conference by signaling an openness to cut interest rates if necessary. When referring to “trade negotiations and other matters”, Powell said that “we do not know how or when these issues will be resolved” and the Fed will be closely monitoring the implications. His message was reinforced by Vice Chair Clarida but mentioned that the Fed can’t be “handcuffed” to market pricing which can be volatile.

Economic data released this morning shows a pull back in the labor market as the ADP survey shows private payrolls increased by only 27k. For comparison, the Bloomberg median estimate was expecting 185k jobs. Investors will be looking forward to the nonfarm payrolls release on Friday to gain more clarity on the US job market.

Chris Eckhoff
Associate, Investment Management Group

6/3/2019Markit US Manufacturing PMI50.650.550.6
6/3/2019ISM Manufacturing5352.152.8
6/3/2019ISM Employment53.752.4
6/3/2019ISM Prices Paid5153.250
6/3/2019ISM New Orders52.751.7
6/3/2019Construction Spending MoM0.40%0.00%-0.90%0.10%
6/3/2019Wards Total Vehicle Sales16.90m17.30m16.40m
6/4/2019Factory Orders-1.00%-0.80%1.90%1.30%
6/4/2019Factory Orders Ex Trans0.30%0.80%0.30%
6/4/2019Durable Goods Orders-2.10%-2.10%
6/4/2019Durables Ex Transportation0.00%0.00%
6/4/2019Cap Goods Orders Nondef Ex Air-1.00%-0.90%
6/4/2019Cap Goods Ship Nondef Ex Air0.00%0.00%
6/5/2019MBA Mortgage Applications1.50%-3.30%
6/5/2019ADP Employment Change185k27k275k271k
6/5/2019Markit US Services PMI50.950.950.9
6/5/2019Markit US Composite PMI50.950.9
6/5/2019ISM Non-Manufacturing Index55.456.955.5
6/5/2019U.S. Federal Reserve Releases Beige Book
6/6/2019Challenger Job Cuts YoY10.90%
6/6/2019Revisions: Trade Balance
6/6/2019Nonfarm Productivity3.50%3.60%
6/6/2019Unit Labor Costs-0.90%-0.90%
6/6/2019Initial Jobless Claims215k215k
6/6/2019Continuing Claims1660k1657k
6/6/2019Trade Balance-$50.7b-$50.0b
6/6/2019Bloomberg Consumer Comfort60.8
6/6/2019Household Change in Net Worth-$3730b
6/7/2019Change in Nonfarm Payrolls180k263k
6/7/2019Two-Month Payroll Net Revision
6/7/2019Change in Private Payrolls175k236k
6/7/2019Change in Manufact. Payrolls4k4k
6/7/2019Unemployment Rate3.60%3.60%
6/7/2019Average Hourly Earnings MoM0.30%0.20%
6/7/2019Average Hourly Earnings YoY3.20%3.20%
6/7/2019Average Weekly Hours All Employees34.534.4
6/7/2019Labor Force Participation Rate62.80%
6/7/2019Underemployment Rate7.30%
6/7/2019Wholesale Trade Sales MoM-0.20%2.30%
6/7/2019Wholesale Inventories MoM0.70%0.70%
6/7/2019Consumer Credit$13.000b$10.281b















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