November 30, 2020 Headlines

Treasury prices are slightly lower this morning despite general weakness in major global equity indices overnight. Moderna plans to seek regulatory approval today for its COVID vaccine in both the U.S. and Europe according to Bloomberg. The company’s vaccine was 94.1% effective in the primary analysis, and no participants developed a severe case of COVID-19 according to a company statement. This week’s economic calendar is headlined by the November jobs report on Friday, and the initial jobless claims report on Thursday will be closely watched as well given the recent increases.  Fed Chair Powell will be appearing before Senate and House panels this week to provide an update on the CARES act. He will presumably continue to advocate for additional fiscal aid, particularly in light of the recent return of COVID-driven restrictions in parts of the country.

Jason Haley
Chief Investment Officer

11/30/20MNI Chicago PMI5961.1
11/30/20Pending Home Sales MoM1.00%-2.20%
11/30/20Pending Home Sales NSA YoY21.90%
11/30/20Dallas Fed Manf. Activity14.519.8
12/01/20Markit US Manufacturing PMI56.756.7
12/01/20ISM Manufacturing5859.3
12/01/20ISM New Orders67.9
12/01/20ISM Prices Paid65.5
12/01/20ISM Employment53.2
12/01/20Construction Spending MoM0.80%0.30%
12/01/20Wards Total Vehicle Sales16.10m16.21m
12/02/20MBA Mortgage Applications3.90%
12/02/20ADP Employment Change410k365k
12/02/20U.S. Federal Reserve Releases Beige Book
12/03/20Challenger Job Cuts YoY60.40%
12/03/20Initial Jobless Claims775k778k
12/03/20Continuing Claims5811k6071k
12/03/20Bloomberg Consumer Comfort49.6
12/03/20Markit US Services PMI57.557.7
12/03/20Markit US Composite PMI57.9
12/03/20ISM Services Index55.956.6
12/04/20Change in Nonfarm Payrolls500k638k
12/04/20Two-Month Payroll Net Revision15k
12/04/20Change in Private Payrolls575k906k
12/04/20Change in Manufact. Payrolls45k38k
12/04/20Unemployment Rate6.80%6.90%
12/04/20Average Hourly Earnings MoM0.10%0.10%
12/04/20Average Hourly Earnings YoY4.20%4.50%
12/04/20Average Weekly Hours All Employees34.834.8
12/04/20Labor Force Participation Rate61.70%
12/04/20Underemployment Rate12.10%
12/04/20Trade Balance-$64.8b-$63.9b
12/04/20Factory Orders0.80%1.10%
12/04/20Factory Orders Ex Trans0.50%
12/04/20Durable Goods Orders1.30%1.30%
12/04/20Durables Ex Transportation1.30%1.30%
12/04/20Cap Goods Orders Nondef Ex Air0.70%0.70%
12/04/20Cap Goods Ship Nondef Ex Air2.30%

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