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

Date Event Surv(M) Actual Prior Revised
03/29/21 Dallas Fed Manf. Activity 16.8 28.9 17.2 —
03/30/21 FHFA House Price Index MoM 1.20% 1.00% 1.10% 1.20%
03/30/21 S&P CoreLogic CS 20-City MoM SA 1.20% 1.20% 1.25% 1.30%
03/30/21 S&P CoreLogic CS 20-City YoY NSA 11.20% 11.10% 10.10% 10.17%
03/30/21 S&P CoreLogic CS US HPI YoY NSA 10.50% 11.22% 10.37% 10.41%
03/30/21 Conf. Board Consumer Confidence 96.9 109.7 91.3 90.4
03/30/21 Conf. Board Present Situation — 110 92 89.6
03/30/21 Conf. Board Expectations — 109.6 90.8 90.9
03/31/21 MBA Mortgage Applications — -2.20% -2.50% —
03/31/21 ADP Employment Change 550k 517k 117k 176k
03/31/21 MNI Chicago PMI 61 — 59.5 —
03/31/21 Pending Home Sales MoM -3.00% — -2.80% —
03/31/21 Pending Home Sales NSA YoY 6.50% — 8.20% —
04/01/21 Challenger Job Cuts YoY — — -39.10% —
04/01/21 Revisions: Initial and Continued Claims
04/01/21 Initial Jobless Claims 675k — 684k —
04/01/21 Continuing Claims 3750k — 3870k —
04/01/21 Langer Consumer Comfort — — 49.1 —
04/01/21 Markit US Manufacturing PMI 59.2 — 59 —
04/01/21 Construction Spending MoM -1.00% — 1.70% —
04/01/21 ISM Manufacturing 61.5 — 60.8 —
04/01/21 ISM Prices Paid 83.5 — 86 —
04/01/21 ISM New Orders — — 64.8 —
04/01/21 ISM Employment — — 54.4 —
04/01/21 Wards Total Vehicle Sales 16.40m — 15.67m —
04/02/21 Change in Nonfarm Payrolls 650k — 379k —
04/02/21 Two-Month Payroll Net Revision — — 38k —
04/02/21 Change in Private Payrolls 638k — 465k —
04/02/21 Change in Manufact. Payrolls 36k — 21k —
04/02/21 Unemployment Rate 6.00% — 6.20% —
04/02/21 Average Hourly Earnings MoM 0.10% — 0.20% —
04/02/21 Average Hourly Earnings YoY 4.50% — 5.30% —
04/02/21 Average Weekly Hours All Employees 34.7 — 34.6 —
04/02/21 Labor Force Participation Rate 61.50% — 61.40% —
04/02/21 Underemployment Rate — — 11.10% —

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