November 5, 2020 Headlines

Treasuries are essentially unchanged this morning as investors’ focus remains on the election which at this point looks to be a Biden victory. But with the potential for recounts and lawsuits it still might be a while before we get confirmation.

On the data front, initial jobless claims came in higher than expected last week at 751k vs 735k expected. Continuing claims also came in higher than expected with a reading of 7.29mm. Both data points are lower than the prior week. However, the number of Americans filing for Pandemic Unemployment Assistance (PUA) rose to 362k.

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 PMI5656.956
11/04/20Markit US Composite PMI56.355.5
11/04/20ISM Services Index57.556.657.8
11/05/20Challenger Job Cuts YoY60.40%185.90%
11/05/20Initial Jobless Claims735k751k751k758k
11/05/20Continuing Claims7200k7285k7756k7823k
11/05/20Nonfarm Productivity5.60%4.90%10.10%10.60%
11/05/20Unit Labor Costs-11.00%-8.90%9.00%8.50%
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. Payrolls55k66k
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$7.750b-$7.220b


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