March 31, 2020 Headlines

The Treasury curve is lower and flatter this morning as investors left equities for the safe haven of US Treasuries. This followed an equity rally overnight in response to another potential round of stimulus. China saw an increase in PMI, rising to a reading of 52 from 35.7 last month and higher than the demarcation of 50 that indicates improving conditions. While this reading is a positive sign for the global economy, questions still remain regarding how long social distancing policies will remain in place and how much demand will manifest itself after the lockdowns end.

Hafizan Hamzah
Director, Investment Management Group

3/30/2020Pending Home Sales MoM-1.70%2.40%5.20%5.30%
3/30/2020Pending Home Sales NSA YoY6.50%11.50%6.70%
3/30/2020Dallas Fed Manf. Activity-10-701.2
3/31/2020S&P CoreLogic CS 20-City MoM SA0.40%0.30%0.43%0.41%
3/31/2020S&P CoreLogic CS 20-City YoY NSA3.20%3.08%2.85%2.84%
3/31/2020S&P CoreLogic CS 20-City NSA Index219.38218.62218.73218.7
3/31/2020S&P CoreLogic CS US HPI YoY NSA3.92%3.75%3.66%
3/31/2020S&P CoreLogic CS US HPI NSA Index212.43212.59212.39
3/31/2020MNI Chicago PMI4049
3/31/2020Conf. Board Consumer Confidence110130.7
3/31/2020Conf. Board Expectations107.8
3/31/2020Conf. Board Present Situation165.1
4/1/2020MBA Mortgage Applications-29.40%
4/1/2020ADP Employment Change-150k183k
4/1/2020Markit US Manufacturing PMI4849.2
4/1/2020Construction Spending MoM0.60%1.80%
4/1/2020ISM Manufacturing4550.1
4/1/2020ISM New Orders49.8
4/1/2020ISM Prices Paid41.645.9
4/1/2020ISM Employment46.9
4/1/2020Wards Total Vehicle Sales12.10m16.83m
4/2/2020Challenger Job Cuts YoY-26.30%
4/2/2020Trade Balance-$40.0b-$45.3b
4/2/2020Initial Jobless Claims3500k3283k
4/2/2020Continuing Claims4882k1803k
4/2/2020Bloomberg Consumer Comfort59.7
4/2/2020Factory Orders0.20%-0.50%
4/2/2020Factory Orders Ex Trans-0.10%
4/2/2020Durable Goods Orders1.20%1.20%
4/2/2020Durables Ex Transportation-0.60%-0.60%
4/2/2020Cap Goods Orders Nondef Ex Air-0.80%-0.80%
4/2/2020Cap Goods Ship Nondef Ex Air-0.80%-0.70%
4/3/2020Two-Month Payroll Net Revision
4/3/2020Change in Nonfarm Payrolls-100k273k
4/3/2020Change in Private Payrolls-117k228k
4/3/2020Change in Manufact. Payrolls-10k15k
4/3/2020Unemployment Rate3.80%3.50%
4/3/2020Average Hourly Earnings MoM0.20%0.30%
4/3/2020Average Hourly Earnings YoY3.00%3.00%
4/3/2020Average Weekly Hours All Employees34.234.4
4/3/2020Labor Force Participation Rate63.30%63.40%
4/3/2020Underemployment Rate7.00%
4/3/2020Markit US Services PMI38.539.1
4/3/2020Markit US Composite PMI40.5
4/3/2020ISM Non-Manufacturing Index4357.3


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