March 31, 2021 Headlines

Treasuries in the belly and long-end of the curve are slightly higher this morning ahead of President Biden’s speech later today in Pittsburgh where he will announce his infrastructure plan. The plan is expected to total $2.25 trillion and will be paid through increasing corporate taxes.

ADP payroll data showed an increase of 517,000 jobs in March and the February reading was revised up to 176,000. March’s increase was the largest in six months with most of the gain coming from the hard-hit leisure and hospitality sector. Increasing vaccinations and easing of lockdown restrictions has helped to spur hiring. The market will get another picture of the labor market from this Friday’s job report.

Hafizan Hamzah
Director, Investment Management Group

03/29/21Dallas Fed Manf. Activity16.828.917.2
03/30/21FHFA House Price Index MoM1.20%1.00%1.10%1.20%
03/30/21S&P CoreLogic CS 20-City MoM SA1.20%1.20%1.25%1.30%
03/30/21S&P CoreLogic CS 20-City YoY NSA11.20%11.10%10.10%10.17%
03/30/21S&P CoreLogic CS US HPI YoY NSA10.50%11.22%10.37%10.41%
03/30/21Conf. Board Consumer Confidence96.9109.791.390.4
03/30/21Conf. Board Present Situation1109289.6
03/30/21Conf. Board Expectations109.690.890.9
03/31/21MBA Mortgage Applications-2.20%-2.50%
03/31/21ADP Employment Change550k517k117k176k
03/31/21MNI Chicago PMI6159.5
03/31/21Pending Home Sales MoM-3.00%-2.80%
03/31/21Pending Home Sales NSA YoY6.50%8.20%
04/01/21Challenger Job Cuts YoY-39.10%
04/01/21Revisions: Initial and Continued Claims
04/01/21Initial Jobless Claims675k684k
04/01/21Continuing Claims3750k3870k
04/01/21Langer Consumer Comfort49.1
04/01/21Markit US Manufacturing PMI59.259
04/01/21Construction Spending MoM-1.00%1.70%
04/01/21ISM Manufacturing61.560.8
04/01/21ISM Prices Paid83.586
04/01/21ISM New Orders64.8
04/01/21ISM Employment54.4
04/01/21Wards Total Vehicle Sales16.40m15.67m
04/02/21Change in Nonfarm Payrolls650k379k
04/02/21Two-Month Payroll Net Revision38k
04/02/21Change in Private Payrolls638k465k
04/02/21Change in Manufact. Payrolls36k21k
04/02/21Unemployment Rate6.00%6.20%
04/02/21Average Hourly Earnings MoM0.10%0.20%
04/02/21Average Hourly Earnings YoY4.50%5.30%
04/02/21Average Weekly Hours All Employees34.734.6
04/02/21Labor Force Participation Rate61.50%61.40%
04/02/21Underemployment Rate11.10%

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