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

Date	Event	Surv(M)	Actual	Prior	Revised
05/02/22	S&P Global US Manufacturing PMI	59.7	59.2	59.7	—
05/02/22	Construction Spending MoM	0.80%	0.10%	0.50%	—
05/02/22	ISM Manufacturing	57.6	55.4	57.1	—
05/02/22	ISM Prices Paid	87.4	84.6	87.1	—
05/02/22	ISM New Orders	54.1	53.5	53.8	—
05/02/22	ISM Employment	55	50.9	56.3	—
05/03/22	Factory Orders	1.20%	2.20%	-0.50%	0.10%
05/03/22	Factory Orders Ex Trans	—	2.50%	0.40%	1.00%
05/03/22	Durable Goods Orders	0.80%	1.10%	0.80%	—
05/03/22	Durables Ex Transportation	1.10%	1.40%	1.10%	—
05/03/22	Cap Goods Orders Nondef Ex Air	1.00%	1.30%	1.00%	—
05/03/22	Cap Goods Ship Nondef Ex Air	—	0.40%	0.20%	—
05/03/22	JOLTS Job Openings	11200k	11549k	11266k	11344k
05/03/22	Wards Total Vehicle Sales	14.15m	14.29m	13.33m	—
05/04/22	MBA Mortgage Applications	—	2.50%	-8.30%	—
05/04/22	ADP Employment Change	383k	247k	455k	479k
05/04/22	Trade Balance	-$107.1b	-$109.8b	-$89.2b	-$89.8b
05/04/22	S&P Global US Services PMI	54.7	55.6	54.7	—
05/04/22	S&P Global US Composite PMI	55.1	56	55.1	—
05/04/22	ISM Services Index	58.5	57.1	58.3	—
05/04/22	FOMC Rate Decision (Upper Bound)	1.00%	1.00%	0.50%	—
05/04/22	FOMC Rate Decision (Lower Bound)	0.75%	0.75%	0.25%	—
05/04/22	Interest on Reserve Balances Rate	0.90%	0.90%	0.40%	—
05/05/22	Challenger Job Cuts YoY	—	6.00%	-30.10%	—
05/05/22	Nonfarm Productivity	-5.30%	-7.50%	6.60%	6.30%
05/05/22	Unit Labor Costs	10.00%	11.60%	0.90%	1.00%
05/05/22	Initial Jobless Claims	180k	200k	180k	181k
05/05/22	Continuing Claims	1400k	1384k	1408k	1403k
05/06/22	Two-Month Payroll Net Revision	—	-39k	—	—
05/06/22	Change in Nonfarm Payrolls	380k	428k	431k	428k
05/06/22	Change in Private Payrolls	390k	406k	426k	424k
05/06/22	Change in Manufact. Payrolls	35k	55k	38k	43k
05/06/22	Unemployment Rate	3.50%	3.60%	3.60%	—
05/06/22	Average Hourly Earnings MoM	0.40%	0.30%	0.40%	0.50%
05/06/22	Average Hourly Earnings YoY	5.50%	5.50%	5.60%	—
05/06/22	Average Weekly Hours All Employees	34.7	34.6	34.6	—
05/06/22	Labor Force Participation Rate	62.50%	62.20%	62.40%	—
05/06/22	Underemployment Rate	—	7.00%	6.90%	—
05/06/22	Consumer Credit	$25.000b	—	$41.820b	—

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