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

03/01/21Markit US Manufacturing PMI58.558.658.5
03/01/21Construction Spending MoM0.80%1.70%1.00%1.10%
03/01/21ISM Manufacturing58.960.858.7
03/01/21ISM Prices Paid808682.1
03/01/21ISM New Orders6064.861.1
03/01/21ISM Employment54.452.6
03/02/21Wards Total Vehicle Sales16.00m15.67m16.63m
03/03/21MBA Mortgage Applications0.50%-11.40%
03/03/21ADP Employment Change205k117k174k195k
03/03/21Markit US Services PMI58.959.858.9
03/03/21Markit US Composite PMI59.558.8
03/03/21ISM Services Index58.755.358.7
03/03/21U.S. Federal Reserve Releases Beige Book
03/04/21Challenger Job Cuts YoY-39.10%17.40%
03/04/21Nonfarm Productivity-4.70%-4.20%-4.80%
03/04/21Unit Labor Costs6.60%6.00%6.80%
03/04/21Initial Jobless Claims750k745k730k736k
03/04/21Continuing Claims4300k4295k4419k
03/04/21Langer Consumer Comfort48.947.3
03/04/21Factory Orders2.10%2.60%1.10%1.60%
03/04/21Factory Orders Ex Trans1.70%1.40%1.90%
03/04/21Durable Goods Orders3.40%3.40%3.40%
03/04/21Durables Ex Transportation1.40%1.30%1.40%
03/04/21Cap Goods Orders Nondef Ex Air0.50%0.40%0.50%
03/04/21Cap Goods Ship Nondef Ex Air1.80%2.10%
03/05/21Two-Month Payroll Net Revision38k
03/05/21Change in Nonfarm Payrolls200k379k49k166k
03/05/21Change in Private Payrolls200k465k6k
03/05/21Change in Manufact. Payrolls15k21k-10k-14k
03/05/21Unemployment Rate6.30%6.20%6.30%
03/05/21Average Hourly Earnings MoM0.20%0.20%0.20%0.10%
03/05/21Average Hourly Earnings YoY5.30%5.30%5.40%5.30%
03/05/21Average Weekly Hours All Employees34.934.63534.9
03/05/21Labor Force Participation Rate61.40%61.40%61.40%
03/05/21Underemployment Rate11.10%11.10%
03/05/21Trade Balance-$67.5b-$68.2b-$66.6b-$67.0b
03/05/21Bloomberg March United States Economic Survey
03/05/21Consumer Credit$12.000b$9.734b

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