It was another quiet overnight trading session, with several markets in Asia and Europe closed for holiday. Both Treasuries and S&P 500 futures are effectively flat versus yesterday’s close. The White House announced permanent exemptions from the steel/aluminum tariffs for some countries (Argentina, Brazil, and Australia), and the exemptions for NAFTA partners were extended for another 30 days. The markets haven’t really responded to the news given the larger focus on China/U.S. trade relations at the moment, and thus far, the ongoing negotiations between the two countries have produced no positive breakthroughs.

Jason Haley
Managing Director, Investment Management Group

Date TimeEvent SurveyActualPriorRevised
04/30/2018Personal IncomeMar0.40%0.30%0.40%0.30%
04/30/2018Personal SpendingMar0.40%0.40%0.20%0.00%
04/30/2018Real Personal SpendingMar0.50%0.40%0.00%-0.20%
04/30/2018PCE Deflator MoMMar0.00%0.00%0.20%
04/30/2018PCE Deflator YoYMar2.00%2.00%1.80%1.70%
04/30/2018PCE Core MoMMar0.20%0.20%0.20%
04/30/2018PCE Core YoYMar1.90%1.90%1.60%
04/30/2018Chicago Purchasing ManagerApr5857.657.4
04/30/2018Pending Home Sales MoMMar0.70%0.40%3.10%2.80%
04/30/2018Pending Home Sales NSA YoYMar-4.40%-4.40%-4.70%
04/30/2018Dallas Fed Manf. ActivityApr2321.821.422.8
05/01/2018Markit US Manufacturing PMIApr F56.556.5
05/01/2018Construction Spending MoMMar0.50%0.10%
05/01/2018ISM ManufacturingApr58.559.3
05/01/2018ISM EmploymentApr57.3
05/01/2018ISM Prices PaidApr78.578.1
05/01/2018ISM New OrdersApr61.9
05/01/2018Wards Domestic Vehicle SalesApr13.30m13.42m
05/01/2018Wards Total Vehicle SalesApr17.10m17.40m
05/02/2018MBA Mortgage Applications27-Apr-0.20%
05/02/2018ADP Employment ChangeApr198k241k
05/02/2018FOMC Rate Decision (Upper Bound)2-May1.75%1.75%
05/02/2018FOMC Rate Decision (Lower Bound)2-May1.50%1.50%
05/03/2018Challenger Job Cuts YoYApr39.40%
05/03/2018Nonfarm Productivity1Q P0.90%0.00%
05/03/2018Unit Labor Costs1Q P3.00%2.50%
05/03/2018Initial Jobless Claims28-Apr225k209k
05/03/2018Continuing Claims21-Apr1835k1837k
05/03/2018Trade BalanceMar-$50.0b-$57.6b
05/03/2018Bloomberg Consumer Comfort29-Apr57.5
05/03/2018Markit US Services PMIApr F54.454.4
05/03/2018Markit US Composite PMIApr F54.8
05/03/2018ISM Non-Manf. CompositeApr5858.8
05/03/2018Durable Goods OrdersMar F2.60%
05/03/2018Durables Ex TransportationMar F0.00%
05/03/2018Cap Goods Orders Nondef Ex AirMar F-0.10%
05/03/2018Cap Goods Ship Nondef Ex AirMar F-0.70%
05/03/2018Factory OrdersMar1.40%1.20%
05/03/2018Factory Orders Ex TransMar0.10%
05/04/2018Change in Nonfarm PayrollsApr191k103k
05/04/2018Two-Month Payroll Net RevisionApr-50k
05/04/2018Change in Private PayrollsApr190k102k
05/04/2018Change in Manufact. PayrollsApr20k22k
05/04/2018Unemployment RateApr4.00%4.10%
05/04/2018Underemployment RateApr8.00%
05/04/2018Average Hourly Earnings MoMApr0.20%0.30%
05/04/2018Average Hourly Earnings YoYApr2.70%2.70%
05/04/2018Average Weekly Hours All EmployeesApr34.534.5
05/04/2018Labor Force Participation RateApr62.90%62.90%
05/07/2018Consumer CreditMar$16.000b$10.601b
05/07/2018Mortgage Delinquencies1Q5.17%
05/07/2018MBA Mortgage Foreclosures1Q1.19%
05/08/2018NFIB Small Business OptimismApr104.7
05/08/2018JOLTS Job OpeningsMar6052