March 1, 2021 Headlines

Better than expected economic data out of Europe and Japan is fueling a risk-on trade in global equity markets, and long-end Treasury yields are down 4-6 bps in early trading. The ECB will publish their updated bond purchase schedule at 9:45 a.m. ET this morning, and it will be the first such update since their chief economist suggested a willingness last week to alter the purchase program to combat the “tightening of financial conditions” via higher bond yields. Eurozone aggregate manufacturing PMI for February was 57.9, up 3 points from the prior month and a 3-year high. On the Covid front, the CDC approved another new vaccine on Friday. The single-dose shot by Johnson & Johnson was cleared after showing 66% effectiveness at preventing moderate to severe Covid-19 cases.

Jason Haley
Chief Investment Officer

Date	Event	Survey	Actual	Prior	Revised
3/1/2021	Markit US Manufacturing PMI	58.5	—	58.5	—
3/1/2021	Construction Spending MoM	0.80%	—	1.00%	—
3/1/2021	ISM Manufacturing	58.9	—	58.7	—
3/1/2021	ISM Prices Paid	80	—	82.1	—
3/1/2021	ISM New Orders	60	—	61.1	—
3/1/2021	ISM Employment	—	—	52.6	—
3/2/2021	Wards Total Vehicle Sales	16.00m	—	16.63m	—
3/3/2021	MBA Mortgage Applications	—	—	-11.40%	—
3/3/2021	ADP Employment Change	200k	—	174k	—
3/3/2021	Markit US Composite PMI	—	—	58.8	—
3/3/2021	Markit US Services PMI	58.9	—	58.9	—
3/3/2021	ISM Services Index	58.7	—	58.7	—
3/3/2021	U.S. Federal Reserve Releases Beige Book
3/4/2021	Challenger Job Cuts YoY	—	—	17.40%	—
3/4/2021	Nonfarm Productivity	-4.70%	—	-4.80%	—
3/4/2021	Unit Labor Costs	6.60%	—	6.80%	—
3/4/2021	Initial Jobless Claims	755k	—	730k	—
3/4/2021	Continuing Claims	4300k	—	4419k	—
3/4/2021	Langer Consumer Comfort	—	—	47.3	—
3/4/2021	Durable Goods Orders	3.40%	—	3.40%	—
3/4/2021	Factory Orders	2.10%	—	1.10%	—
3/4/2021	Durables Ex Transportation	1.40%	—	1.40%	—
3/4/2021	Factory Orders Ex Trans	—	—	1.40%	—
3/4/2021	Cap Goods Orders Nondef Ex Air	0.50%	—	0.50%	—
3/4/2021	Cap Goods Ship Nondef Ex Air	—	—	2.10%	—
3/5/2021	Average Hourly Earnings YoY	5.30%	—	5.40%	—
3/5/2021	Change in Nonfarm Payrolls	188k	—	49k	—
3/5/2021	Two-Month Payroll Net Revision	—	—	-159k	—
3/5/2021	Change in Private Payrolls	194k	—	6k	—
3/5/2021	Change in Manufact. Payrolls	15k	—	-10k	—
3/5/2021	Unemployment Rate	6.30%	—	6.30%	—
3/5/2021	Average Hourly Earnings MoM	0.20%	—	0.20%	—
3/5/2021	Average Weekly Hours All Employees	34.9	—	35	—
3/5/2021	Labor Force Participation Rate	61.40%	—	61.40%	—
3/5/2021	Underemployment Rate	—	—	11.10%	—
3/5/2021	Trade Balance	-$67.4b	—	-$66.6b	—
3/5/2021	Bloomberg March United States Economic Survey
3/5/2021	Consumer Credit	$12.000b	—	$9.734b	—

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