March 5, 2021 Headlines

Rates are higher across the curve on the back of a better than expected jobs report. The 10-year Treasury is up 5 bps as non-farm payrolls increased by 379,000 (179,000 better than expected) last month. Private payrolls saw a strong increase of 465,000 boosted by the hard hit leisure and hospitality sector which saw 355,000 jobs added last month. The unemployment rate declined slightly to 6.2% from 6.3% and the participation rate remained unchanged at 61.4%. This was a solid jobs report that paints the picture of a recovering economy.

Hafizan Hamzah
Director, Investment Management Group

Date	Event	Surv(M)	Actual	Prior	Revised
03/01/21	Markit US Manufacturing PMI	58.5	58.6	58.5	—
03/01/21	Construction Spending MoM	0.80%	1.70%	1.00%	1.10%
03/01/21	ISM Manufacturing	58.9	60.8	58.7	—
03/01/21	ISM Prices Paid	80	86	82.1	—
03/01/21	ISM New Orders	60	64.8	61.1	—
03/01/21	ISM Employment	—	54.4	52.6	—
03/02/21	Wards Total Vehicle Sales	16.00m	15.67m	16.63m	—
03/03/21	MBA Mortgage Applications	—	0.50%	-11.40%	—
03/03/21	ADP Employment Change	205k	117k	174k	195k
03/03/21	Markit US Services PMI	58.9	59.8	58.9	—
03/03/21	Markit US Composite PMI	—	59.5	58.8	—
03/03/21	ISM Services Index	58.7	55.3	58.7	—
03/03/21	U.S. Federal Reserve Releases Beige Book
03/04/21	Challenger Job Cuts YoY	—	-39.10%	17.40%	—
03/04/21	Nonfarm Productivity	-4.70%	-4.20%	-4.80%	—
03/04/21	Unit Labor Costs	6.60%	6.00%	6.80%	—
03/04/21	Initial Jobless Claims	750k	745k	730k	736k
03/04/21	Continuing Claims	4300k	4295k	4419k	—
03/04/21	Langer Consumer Comfort	—	48.9	47.3	—
03/04/21	Factory Orders	2.10%	2.60%	1.10%	1.60%
03/04/21	Factory Orders Ex Trans	—	1.70%	1.40%	1.90%
03/04/21	Durable Goods Orders	3.40%	3.40%	3.40%	—
03/04/21	Durables Ex Transportation	1.40%	1.30%	1.40%	—
03/04/21	Cap Goods Orders Nondef Ex Air	0.50%	0.40%	0.50%	—
03/04/21	Cap Goods Ship Nondef Ex Air	—	1.80%	2.10%	—
03/05/21	Two-Month Payroll Net Revision	—	38k	—	—
03/05/21	Change in Nonfarm Payrolls	200k	379k	49k	166k
03/05/21	Change in Private Payrolls	200k	465k	6k	—
03/05/21	Change in Manufact. Payrolls	15k	21k	-10k	-14k
03/05/21	Unemployment Rate	6.30%	6.20%	6.30%	—
03/05/21	Average Hourly Earnings MoM	0.20%	0.20%	0.20%	0.10%
03/05/21	Average Hourly Earnings YoY	5.30%	5.30%	5.40%	5.30%
03/05/21	Average Weekly Hours All Employees	34.9	34.6	35	34.9
03/05/21	Labor Force Participation Rate	61.40%	61.40%	61.40%	—
03/05/21	Underemployment Rate	—	11.10%	11.10%	—
03/05/21	Trade Balance	-$67.5b	-$68.2b	-$66.6b	-$67.0b
03/05/21	Bloomberg March United States Economic Survey
03/05/21	Consumer Credit	$12.000b	—	$9.734b	—

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