May 6, 2022 Headlines

U.S payrolls increased more than expected by 428,000 last month vs. a median forecast of 380,000 and the unemployment rate was unchanged at 3.6%. The net revision over the last two months was -39,000. Today’s jobs report paints the picture of a strong labor market, which we’ve known for a while, and should do little to change the Fed’s view on inflation.

Hafizan Hamzah
Senior Director, Investment Management Group

05/02/22S&P Global US Manufacturing PMI59.759.259.7
05/02/22Construction Spending MoM0.80%0.10%0.50%
05/02/22ISM Manufacturing57.655.457.1
05/02/22ISM Prices Paid87.484.687.1
05/02/22ISM New Orders54.153.553.8
05/02/22ISM Employment5550.956.3
05/03/22Factory Orders1.20%2.20%-0.50%0.10%
05/03/22Factory Orders Ex Trans2.50%0.40%1.00%
05/03/22Durable Goods Orders0.80%1.10%0.80%
05/03/22Durables Ex Transportation1.10%1.40%1.10%
05/03/22Cap Goods Orders Nondef Ex Air1.00%1.30%1.00%
05/03/22Cap Goods Ship Nondef Ex Air0.40%0.20%
05/03/22JOLTS Job Openings11200k11549k11266k11344k
05/03/22Wards Total Vehicle Sales14.15m14.29m13.33m
05/04/22MBA Mortgage Applications2.50%-8.30%
05/04/22ADP Employment Change383k247k455k479k
05/04/22Trade Balance-$107.1b-$109.8b-$89.2b-$89.8b
05/04/22S&P Global US Services PMI54.755.654.7
05/04/22S&P Global US Composite PMI55.15655.1
05/04/22ISM Services Index58.557.158.3
05/04/22FOMC Rate Decision (Upper Bound)1.00%1.00%0.50%
05/04/22FOMC Rate Decision (Lower Bound)0.75%0.75%0.25%
05/04/22Interest on Reserve Balances Rate0.90%0.90%0.40%
05/05/22Challenger Job Cuts YoY6.00%-30.10%
05/05/22Nonfarm Productivity-5.30%-7.50%6.60%6.30%
05/05/22Unit Labor Costs10.00%11.60%0.90%1.00%
05/05/22Initial Jobless Claims180k200k180k181k
05/05/22Continuing Claims1400k1384k1408k1403k
05/06/22Two-Month Payroll Net Revision-39k
05/06/22Change in Nonfarm Payrolls380k428k431k428k
05/06/22Change in Private Payrolls390k406k426k424k
05/06/22Change in Manufact. Payrolls35k55k38k43k
05/06/22Unemployment Rate3.50%3.60%3.60%
05/06/22Average Hourly Earnings MoM0.40%0.30%0.40%0.50%
05/06/22Average Hourly Earnings YoY5.50%5.50%5.60%
05/06/22Average Weekly Hours All Employees34.734.634.6
05/06/22Labor Force Participation Rate62.50%62.20%62.40%
05/06/22Underemployment Rate7.00%6.90%
05/06/22Consumer Credit$25.000b$41.820b

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