June 5, 2020 Headlines

The curve is higher and steeper this morning following a much better than expected jobs report. The month of May saw an increase of 2.5mm jobs compared to a consensus expectation of a 7.5mm decrease. The unemployment rate fell to 13.3% (19% expected) from 14.7% the prior month. Average hourly earnings fell from April likely due to increase in low-wage jobs.

Hafizan Hamzah
Director, Investment Management Group

6/1/2020Markit US Manufacturing PMI4039.839.8
6/1/2020Construction Spending MoM-7.00%-2.90%0.90%0.00%
6/1/2020ISM Manufacturing43.843.141.5
6/1/2020ISM New Orders31.827.1
6/1/2020ISM Prices Paid4040.835.3
6/1/2020ISM Employment32.127.5
6/2/2020Wards Total Vehicle Sales11.10m12.21m8.58m
6/3/2020MBA Mortgage Applications-3.90%2.70%
6/3/2020ADP Employment Change-9000k-2760k-20236k-19557k
6/3/2020Markit US Services PMI37.337.536.9
6/3/2020Markit US Composite PMI3736.4
6/3/2020ISM Non-Manufacturing Index44.445.441.8
6/3/2020Factory Orders-13.40%-13.00%-10.30%-11.00%
6/3/2020Factory Orders Ex Trans-8.50%-3.70%-4.00%
6/3/2020Durable Goods Orders-17.20%-17.70%-17.20%
6/3/2020Durables Ex Transportation-7.40%-7.70%-7.40%
6/3/2020Cap Goods Orders Nondef Ex Air-5.80%-6.10%-5.80%
6/3/2020Cap Goods Ship Nondef Ex Air-5.70%-5.40%
6/4/2020Challenger Job Cuts YoY577.80%1576.90%
6/4/2020Revisions: U.S. International Trade
6/4/2020Trade Balance-$49.4b-$49.4b-$44.4b-$42.3b
6/4/2020Nonfarm Productivity-2.70%-0.90%-2.50%
6/4/2020Unit Labor Costs5.00%5.10%4.80%
6/4/2020Initial Jobless Claims1833k1877k2123k2126k
6/4/2020Continuing Claims20000k21487k21052k20838k
6/4/2020Bloomberg Consumer Comfort3735.5
6/5/2020Change in Nonfarm Payrolls-7500k2509k-20537k-20687k
6/5/2020Two-Month Payroll Net Revision-642k
6/5/2020Change in Private Payrolls-6750k3094k-19557k-19724k
6/5/2020Change in Manufact. Payrolls-400k225k-1330k-1324k
6/5/2020Unemployment Rate19.00%13.30%14.70%
6/5/2020Average Weekly Hours All Employees34.334.734.2
6/5/2020Average Hourly Earnings MoM1.00%-1.00%4.70%4.70%
6/5/2020Average Hourly Earnings YoY8.50%6.70%7.90%8.00%
6/5/2020Labor Force Participation Rate60.10%60.80%60.20%
6/5/2020Underemployment Rate21.20%22.80%
6/5/2020Consumer Credit-$20.000b-$12.044b


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