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

3/1/2021Markit US Manufacturing PMI58.558.5
3/1/2021Construction Spending MoM0.80%1.00%
3/1/2021ISM Manufacturing58.958.7
3/1/2021ISM Prices Paid8082.1
3/1/2021ISM New Orders6061.1
3/1/2021ISM Employment52.6
3/2/2021Wards Total Vehicle Sales16.00m16.63m
3/3/2021MBA Mortgage Applications-11.40%
3/3/2021ADP Employment Change200k174k
3/3/2021Markit US Composite PMI58.8
3/3/2021Markit US Services PMI58.958.9
3/3/2021ISM Services Index58.758.7
3/3/2021U.S. Federal Reserve Releases Beige Book
3/4/2021Challenger Job Cuts YoY17.40%
3/4/2021Nonfarm Productivity-4.70%-4.80%
3/4/2021Unit Labor Costs6.60%6.80%
3/4/2021Initial Jobless Claims755k730k
3/4/2021Continuing Claims4300k4419k
3/4/2021Langer Consumer Comfort47.3
3/4/2021Durable Goods Orders3.40%3.40%
3/4/2021Factory Orders2.10%1.10%
3/4/2021Durables Ex Transportation1.40%1.40%
3/4/2021Factory Orders Ex Trans1.40%
3/4/2021Cap Goods Orders Nondef Ex Air0.50%0.50%
3/4/2021Cap Goods Ship Nondef Ex Air2.10%
3/5/2021Average Hourly Earnings YoY5.30%5.40%
3/5/2021Change in Nonfarm Payrolls188k49k
3/5/2021Two-Month Payroll Net Revision-159k
3/5/2021Change in Private Payrolls194k6k
3/5/2021Change in Manufact. Payrolls15k-10k
3/5/2021Unemployment Rate6.30%6.30%
3/5/2021Average Hourly Earnings MoM0.20%0.20%
3/5/2021Average Weekly Hours All Employees34.935
3/5/2021Labor Force Participation Rate61.40%61.40%
3/5/2021Underemployment Rate11.10%
3/5/2021Trade Balance-$67.4b-$66.6b
3/5/2021Bloomberg March United States Economic Survey
3/5/2021Consumer Credit$12.000b$9.734b

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