May 3, 2021 Headlines

Treasury yields are opening the week slightly higher following a quiet overnight session (London and Asian markets closed), and S&P 500 futures are up 53 bps ahead of the open. This week’s economic calendar is headlined by the April jobs report on Friday, and the April ISM manufacturing report will be released later this morning. Talks continue over the White House’s proposed infrastructure spending plan, and President Biden has invited lead GOP negotiator Senator Shelley Moore Capito (R-WV) and others to discuss a bipartisan agreement. Fed Chair Powell will be speaking later today as part of a community development discussion hosted by the National Community Reinvestment Coalition.   

Jason Haley
Chief Investment Officer

05/03/21Markit US Manufacturing PMI60.760.6
05/03/21Construction Spending MoM1.60%-0.80%
05/03/21ISM Manufacturing6564.7
05/03/21ISM Prices Paid8685.6
05/03/21ISM New Orders69.568
05/03/21ISM Employment59.6
05/03/21Wards Total Vehicle Sales17.60m17.75m
05/04/21Trade Balance-$74.3b-$71.1b
05/04/21Factory Orders1.30%-0.80%
05/04/21Factory Orders Ex Trans1.80%-0.60%
05/04/21Durable Goods Orders0.50%0.50%
05/04/21Durables Ex Transportation1.60%1.60%
05/04/21Cap Goods Orders Nondef Ex Air0.90%
05/04/21Cap Goods Ship Nondef Ex Air1.30%
05/05/21MBA Mortgage Applications-2.50%
05/05/21ADP Employment Change875k517k
05/05/21Markit US Services PMI63.163.1
05/05/21Markit US Composite PMI62.2
05/05/21ISM Services Index64.163.7
05/06/21Challenger Job Cuts YoY-86.20%
05/06/21Nonfarm Productivity4.20%-4.20%
05/06/21Unit Labor Costs-1.00%6.00%
05/06/21Initial Jobless Claims540k553k
05/06/21Continuing Claims3620k3660k
05/06/21Langer Consumer Comfort55
05/07/21Change in Nonfarm Payrolls980k916k
05/07/21Two-Month Payroll Net Revision156k
05/07/21Change in Private Payrolls913k780k
05/07/21Change in Manufact. Payrolls60k53k
05/07/21Unemployment Rate5.70%6.00%
05/07/21Average Hourly Earnings MoM0.00%-0.10%
05/07/21Average Hourly Earnings YoY-0.40%4.20%
05/07/21Average Weekly Hours All Employees34.934.9
05/07/21Labor Force Participation Rate61.60%61.50%
05/07/21Underemployment Rate10.70%
05/07/21Wholesale Inventories MoM1.40%1.40%
05/07/21Wholesale Trade Sales MoM1.00%-0.80%
05/07/21Consumer Credit$20.000b$27.578b

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