May 3, 2022 Headlines

Treasuries were mixed overnight with a more hawkish policy announcement from Australia’s central bank adding to the general bearishness for the short-end of the curve, and long-end Treasuries were better bid overnight following yesterday’s sell-off. Markets will pay closer attention than normal to the government’s JOLTS job openings data for March later this morning. Fed Chair Powell made clear at the March 16 FOMC press conference that the ratio of job openings to total unemployed persons is a key area of concern for him and his colleagues. When the February figure was released on March 29, a slightly higher than expected number of job openings sparked a 10 basis point reversal in the 2-year yield, evidence that the bond market was keying in on this metric following Powell’s comments.  

Jason Haley
Chief Investment Officer

5/3/2022Factory Orders1.20%-0.50%
5/3/2022Factory Orders Ex Trans0.40%
5/3/2022Durable Goods Orders0.80%0.80%
5/3/2022Durables Ex Transportation1.10%1.10%
5/3/2022Cap Goods Orders Nondef Ex Air1.00%1.00%
5/3/2022Cap Goods Ship Nondef Ex Air0.20%
5/3/2022JOLTS Job Openings11200k11266k
5/3/2022Wards Total Vehicle Sales14.15m13.33m
5/4/2022MBA Mortgage Applications-8.30%
5/4/2022ADP Employment Change385k455k
5/4/2022Trade Balance-$107.1b-$89.2b
5/4/2022S&P Global US Services PMI54.754.7
5/4/2022S&P Global US Composite PMI55.155.1
5/4/2022ISM Services Index58.558.3
5/4/2022FOMC Rate Decision (Lower Bound)0.75%0.25%
5/4/2022FOMC Rate Decision (Upper Bound)1.00%0.50%
5/4/2022Interest on Reserve Balances Rate0.90%0.40%
5/5/2022Challenger Job Cuts YoY-30.10%
5/5/2022Nonfarm Productivity-5.20%6.60%
5/5/2022Unit Labor Costs10.00%0.90%
5/5/2022Initial Jobless Claims180k180k
5/5/2022Continuing Claims1400k1408k
5/6/2022Two-Month Payroll Net Revision95k
5/6/2022Change in Nonfarm Payrolls390k431k
5/6/2022Change in Private Payrolls395k426k
5/6/2022Change in Manufact. Payrolls34k38k
5/6/2022Unemployment Rate3.50%3.60%
5/6/2022Average Hourly Earnings MoM0.40%0.40%
5/6/2022Average Hourly Earnings YoY5.50%5.60%
5/6/2022Average Weekly Hours All Employees34.734.6
5/6/2022Labor Force Participation Rate62.50%62.40%
5/6/2022Underemployment Rate6.90%
5/6/2022Consumer Credit$25.000b$41.820b


Subscribe Today!

Subscribe to our email list and get the latest articles and announcements from ALM First.

Recent Articles

ALM First offers investment advisory services through ALM First Financial Advisors, LLC, which is registered with the U.S. Securities and Exchange Commission (“SEC”). SEC registration does not constitute an endorsement of the firm by the SEC nor does it indicate that the firm has attained a particular level of skill or ability. The information contained herein does not constitute investment advice or a recommendation for you to purchase or sell any specific security. You are solely responsible for reviewing the content and for any actions you take or choose not to take based on your review of such content.Information contained herein was derived from third party sources as indicated. While such information is believed to be reliable, no representation or warranty is made concerning the accuracy of any information presented. We have not and will not independently verify this information. Where such sources include opinions and projections, such opinions and projections should be ascribed only to the applicable third party source and not to ALM First.Statements herein that reflect projections or expectations of future financial or economic performance are forward-looking statements. Such “forward-looking” statements are based on various assumptions, which assumptions may not prove to be correct. Accordingly, there can be no assurance that such assumptions and statements will accurately predict future events or actual performance. No representation or warranty can be given that the estimates, opinions or assumptions made herein will prove to be accurate. Any projections and forward-looking statements included herein should be considered speculative and are qualified in their entirety by the information and risks disclosed in the confidential offering document. Actual results for any period may or may not approximate such forward-looking statements. No representations or warranties whatsoever are made by ALM First Financial Advisors, LLC or any other person or entity as to the future profitability of investments recommended by ALM First Financial Advisors, LLC.