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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