May 6, 2021 Headlines

Initial jobless claims fell by 92,000 to 498,000 last week, 40,000 below the median forecast of 538,000. The labor market continues to improve as the economy opens. We get another look at employment with tomorrow’s non-farm payrolls release, which is expected to show that the U.S. added 1 million jobs last month. Continuing claims increased slightly to 3.69 million from 3.653 million in the week prior.

Hafizan Hamzah
Director, Investment Management Group

05/03/21Markit US Manufacturing PMI60.760.560.6
05/03/21Construction Spending MoM1.60%0.20%-0.80%-0.60%
05/03/21ISM Manufacturing6560.764.7
05/03/21ISM Prices Paid8689.685.6
05/03/21ISM New Orders69.564.368
05/03/21ISM Employment55.159.6
05/03/21Wards Total Vehicle Sales17.60m18.51m17.75m
05/04/21Trade Balance-$74.4b-$74.4b-$71.1b-$70.5b
05/04/21Factory Orders1.30%1.10%-0.80%-0.50%
05/04/21Factory Orders Ex Trans1.80%1.70%-0.60%-0.20%
05/04/21Durable Goods Orders0.50%0.80%0.50%
05/04/21Durables Ex Transportation1.60%1.90%1.60%
05/04/21Cap Goods Orders Nondef Ex Air0.90%1.20%0.90%
05/04/21Cap Goods Ship Nondef Ex Air1.60%1.30%
05/05/21MBA Mortgage Applications-0.90%-2.50%
05/05/21ADP Employment Change850k742k517k565k
05/05/21Markit US Services PMI63.164.763.1
05/05/21Markit US Composite PMI63.562.2
05/05/21ISM Services Index64.162.763.7
05/06/21Challenger Job Cuts YoY-96.60%-86.20%
05/06/21Nonfarm Productivity4.30%5.40%-4.20%-3.80%
05/06/21Unit Labor Costs-1.00%-0.30%6.00%5.60%
05/06/21Initial Jobless Claims538k498k553k590k
05/06/21Continuing Claims3620k3690k3660k3653k
05/06/21Langer Consumer Comfort55
05/06/21-05/07/21Mortgage Delinquencies6.73%
05/06/21-05/07/21MBA Mortgage Foreclosures0.56%
05/07/21Two-Month Payroll Net Revision
05/07/21Change in Nonfarm Payrolls1000k916k
05/07/21Change in Private Payrolls925k780k
05/07/21Change in Manufact. Payrolls57k53k
05/07/21Unemployment Rate5.80%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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