May 5, 2020 Headlines

Treasury prices are lower this morning on improved risk-on sentiment as more economies have started to ease lockdown restrictions. California, the first state to shut down in response to the virus, is set to loosen the lockdown on Friday. In Europe, both Italy and Spain will reopen their economies after weeks of confinement. To reduce the economic impact of the virus, Congress pushed through fiscal stimulus measures that will be largely funded through the issuance of new debt. The US Treasury announced plans to borrow $3 trillion this quarter to fund fiscal stimulus policies which was $600 billion higher than even the highest estimate.

Chris Eckhoff
Associate, Investment Management Group

5/4/2020Factory Orders-9.70%-10.30%0.00%-0.10%
5/4/2020Factory Orders Ex Trans-3.70%-0.90%-1.10%
5/4/2020Durable Goods Orders-14.40%-14.70%-14.40%
5/4/2020Durables Ex Transportation-0.20%-0.40%-0.20%
5/4/2020Cap Goods Orders Nondef Ex Air0.10%-0.10%0.10%
5/4/2020Cap Goods Ship Nondef Ex Air-0.20%-0.20%
5/5/2020Trade Balance-$44.2b-$44.4b-$39.9b-$39.8b
5/5/2020Markit US Services PMI2727
5/5/2020Markit US Composite PMI27.4
5/5/2020ISM Non-Manufacturing Index3852.5
5/6/2020MBA Mortgage Applications-3.30%
5/6/2020ADP Employment Change-21000k-27k
5/7/2020Challenger Job Cuts YoY266.90%
5/7/2020Nonfarm Productivity-5.50%1.20%
5/7/2020Unit Labor Costs4.50%0.90%
5/7/2020Initial Jobless Claims3000k3839k
5/7/2020Continuing Claims19800k17992k
5/7/2020Bloomberg Consumer Comfort39.5
5/7/2020Consumer Credit$15.000b$22.331b
5/8/2020Two-Month Payroll Net Revision
5/8/2020Change in Nonfarm Payrolls-21550k-701k
5/8/2020Change in Private Payrolls-21700k-713k
5/8/2020Change in Manufact. Payrolls-2500k-18k
5/8/2020Unemployment Rate16.00%4.40%
5/8/2020Average Hourly Earnings MoM0.40%0.40%
5/8/2020Average Hourly Earnings YoY3.30%3.10%
5/8/2020Average Weekly Hours All Employees33.634.2
5/8/2020Labor Force Participation Rate61.30%62.70%
5/8/2020Underemployment Rate8.70%
5/8/2020Wholesale Inventories MoM-1.00%-1.00%
5/8/2020Wholesale Trade Sales MoM-3.00%-0.80%


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