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

Date	Event	Surv(M)	Actual	Prior	Revised
11/30/20	MNI Chicago PMI	59	—	61.1	—
11/30/20	Pending Home Sales MoM	1.00%	—	-2.20%	—
11/30/20	Pending Home Sales NSA YoY	—	—	21.90%	—
11/30/20	Dallas Fed Manf. Activity	14.5	—	19.8	—
12/01/20	Markit US Manufacturing PMI	56.7	—	56.7	—
12/01/20	ISM Manufacturing	58	—	59.3	—
12/01/20	ISM New Orders	—	—	67.9	—
12/01/20	ISM Prices Paid	—	—	65.5	—
12/01/20	ISM Employment	—	—	53.2	—
12/01/20	Construction Spending MoM	0.80%	—	0.30%	—
12/01/20	Wards Total Vehicle Sales	16.10m	—	16.21m	—
12/02/20	MBA Mortgage Applications	—	—	3.90%	—
12/02/20	ADP Employment Change	410k	—	365k	—
12/02/20	U.S. Federal Reserve Releases Beige Book
12/03/20	Challenger Job Cuts YoY	—	—	60.40%	—
12/03/20	Initial Jobless Claims	775k	—	778k	—
12/03/20	Continuing Claims	5811k	—	6071k	—
12/03/20	Bloomberg Consumer Comfort	—	—	49.6	—
12/03/20	Markit US Services PMI	57.5	—	57.7	—
12/03/20	Markit US Composite PMI	—	—	57.9	—
12/03/20	ISM Services Index	55.9	—	56.6	—
12/04/20	Change in Nonfarm Payrolls	500k	—	638k	—
12/04/20	Two-Month Payroll Net Revision	—	—	15k	—
12/04/20	Change in Private Payrolls	575k	—	906k	—
12/04/20	Change in Manufact. Payrolls	45k	—	38k	—
12/04/20	Unemployment Rate	6.80%	—	6.90%	—
12/04/20	Average Hourly Earnings MoM	0.10%	—	0.10%	—
12/04/20	Average Hourly Earnings YoY	4.20%	—	4.50%	—
12/04/20	Average Weekly Hours All Employees	34.8	—	34.8	—
12/04/20	Labor Force Participation Rate	—	—	61.70%	—
12/04/20	Underemployment Rate	—	—	12.10%	—
12/04/20	Trade Balance	-$64.8b	—	-$63.9b	—
12/04/20	Factory Orders	0.80%	—	1.10%	—
12/04/20	Factory Orders Ex Trans	—	—	0.50%	—
12/04/20	Durable Goods Orders	1.30%	—	1.30%	—
12/04/20	Durables Ex Transportation	1.30%	—	1.30%	—
12/04/20	Cap Goods Orders Nondef Ex Air	0.70%	—	0.70%	—
12/04/20	Cap Goods Ship Nondef Ex Air	—	—	2.30%	—

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