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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