November 4, 2020 Headlines

The curve is slightly lower and flatter this morning as the market and the rest of the country await the results of the presidential election. Eyes are currently on close races in five battleground states which could take days to count all of votes, particularly absentee ballots which were due to the pandemic. The reaction from the market stems from concerns that a divided government will have difficulty passing a new round of stimulus.

Hafizan Hamzah
Director, Investment Management Group

11/02/20Markit US Manufacturing PMI53.353.453.3
11/02/20ISM Manufacturing5659.355.4
11/02/20ISM New Orders6267.960.2
11/02/20ISM Prices Paid61.565.562.8
11/02/20ISM Employment53.249.6
11/02/20Construction Spending MoM1.00%0.30%1.40%0.80%
11/03/20Factory Orders1.00%1.10%0.70%0.60%
11/03/20Factory Orders Ex Trans0.60%0.50%0.70%0.90%
11/03/20Durable Goods Orders1.90%1.90%1.90%
11/03/20Durables Ex Transportation0.80%0.90%0.80%
11/03/20Cap Goods Orders Nondef Ex Air1.00%1.00%1.00%
11/03/20Cap Goods Ship Nondef Ex Air0.50%0.30%
11/03/20Wards Total Vehicle Sales16.50m16.21m16.34m
11/04/20MBA Mortgage Applications3.80%1.70%
11/04/20ADP Employment Change643k365k749k753k
11/04/20Trade Balance-$63.9b-$63.9b-$67.1b-$67.0b
11/04/20Markit US Services PMI5656
11/04/20Markit US Composite PMI55.5
11/04/20ISM Services Index57.557.8
11/05/20Challenger Job Cuts YoY185.90%
11/05/20Initial Jobless Claims735k751k
11/05/20Continuing Claims7200k7756k
11/05/20Nonfarm Productivity5.60%10.10%
11/05/20Unit Labor Costs-11.00%9.00%
11/05/20Bloomberg Consumer Comfort46.3
11/05/20FOMC Rate Decision (Upper Bound)0.25%0.25%
11/05/20FOMC Rate Decision (Lower Bound)0.00%0.00%
11/05/20Interest Rate on Excess Reserves0.10%0.10%
11/06/20Two-Month Payroll Net Revision
11/06/20Change in Nonfarm Payrolls600k661k
11/06/20Change in Private Payrolls700k877k
11/06/20Change in Manufact. Payrolls54k66k
11/06/20Unemployment Rate7.60%7.90%
11/06/20Average Hourly Earnings MoM0.20%0.10%
11/06/20Average Hourly Earnings YoY4.50%4.70%
11/06/20Average Weekly Hours All Employees34.734.7
11/06/20Labor Force Participation Rate61.50%61.40%
11/06/20Underemployment Rate12.80%
11/06/20Wholesale Inventories MoM-0.10%-0.10%
11/06/20Wholesale Trade Sales MoM1.10%1.40%
11/06/20Consumer Credit$8.000b-$7.220b



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