March 3, 2020 Headlines

Yesterday, during the New York trading session, news broke that the Group of Seven Finance Chiefs would hold a teleconference to discuss their response to the coronavirus. In anticipation, risk assets rallied with the S&P500 up 4.6% on the day. However, this morning, the S&P500 has reversed course and down 1% currently as the finance ministers concluded the meeting with no immediate stimulus planned to combat the economic impact from the virus. In the rates market, US Treasury yields are slightly lower with the curve slope essentially unchanged.

Chris Eckhoff
Associate, Investment Management Group

Date Event Survey Actual Prior Revised
3/2/2020 Markit US Manufacturing PMI 50.8 50.7 50.8
3/2/2020 Construction Spending MoM 0.60% 1.80% -0.20% 0.20%
3/2/2020 ISM Manufacturing 50.5 50.1 50.9
3/2/2020 ISM New Orders 51.8 49.8 52
3/2/2020 ISM Prices Paid 50.8 45.9 53.3
3/2/2020 ISM Employment 47.5 46.9 46.6
3/3/2020 FOMC Rate Decision (Upper Bound) 1.25% 1.75%
3/3/2020 FOMC Rate Decision (Lower Bound) 1.00% 1.50%
3/3/2020 Interest Rate on Excess Reserves 1.10% 1.60%
3/3/2020 Wards Total Vehicle Sales 16.80m 16.84m
3/4/2020 MBA Mortgage Applications 1.50%
3/4/2020 ADP Employment Change 170k 291k
3/4/2020 Markit US Services PMI 49.4 49.4
3/4/2020 Markit US Composite PMI 49.6
3/4/2020 ISM Non-Manufacturing Index 54.9 55.5
3/4/2020 U.S. Federal Reserve Releases Beige Book
3/5/2020 Challenger Job Cuts YoY 27.80%
3/5/2020 Nonfarm Productivity 1.30% 1.40%
3/5/2020 Unit Labor Costs 1.40% 1.40%
3/5/2020 Initial Jobless Claims 215k 219k
3/5/2020 Continuing Claims 1738k 1724k
3/5/2020 Bloomberg Consumer Comfort 63.5
3/5/2020 Factory Orders -0.10% 1.80%
3/5/2020 Factory Orders Ex Trans 0.60%
3/5/2020 Durable Goods Orders -0.20% -0.20%
3/5/2020 Durables Ex Transportation 0.90%
3/5/2020 Cap Goods Orders Nondef Ex Air 1.10%
3/5/2020 Cap Goods Ship Nondef Ex Air 1.10%
3/6/2020 Trade Balance -$46.1b -$48.9b
3/6/2020 Change in Nonfarm Payrolls 175k 225k
3/6/2020 Two-Month Payroll Net Revision 7k
3/6/2020 Change in Private Payrolls 160k 206k
3/6/2020 Change in Manufact. Payrolls -3k -12k
3/6/2020 Unemployment Rate 3.60% 3.60%
3/6/2020 Average Hourly Earnings MoM 0.30% 0.20%
3/6/2020 Average Hourly Earnings YoY 3.00% 3.10%
3/6/2020 Average Weekly Hours All Employees 34.3 34.3
3/6/2020 Labor Force Participation Rate 63.40% 63.40%
3/6/2020 Underemployment Rate 6.90%
3/6/2020 Wholesale Inventories MoM -0.20% -0.20%
3/6/2020 Wholesale Trade Sales MoM -0.70%
3/6/2020 Consumer Credit $16.750b $22.055b


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