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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