Treasuries are unchanged this morning following yesterday’s selloff which was spurred by strong payroll data as well as comments by Fed Chair Powell stating that the central bank would raise rates past the neutral level. In the overnight session, the 10-year breached 3.20% which put pressure on equities as higher bond yields grabbed investors’ attention. Jobless claims came in lower than expected at 207,000, falling by 7,000 from the prior week. Combined with yesterday’s ADP employment data, the low jobless claims number continues to paint the picture of a healthy labor market.

Hafizan Hamzah
Director, Investment Management Group

 

DateEventSurveyActualPrior
10/01Markit US Manufacturing PMI55.655.655.6
10/01Construction Spending MoM0.40%0.10%0.10%
10/01ISM Manufacturing6059.861.3
10/01ISM Employment58.858.5
10/01ISM Prices Paid71.466.972.1
10/01ISM New Orders61.865.1
10/02Wards Total Vehicle Sales16.80m17.40m16.60m
10/03MBA Mortgage Applications0.00%2.90%
10/03ADP Employment Change184k230k163k
10/03Markit US Services PMI5353.552.9
10/03Markit US Composite PMI53.953.4
10/03ISM Non-Manufacturing Index5861.658.5
10/04Challenger Job Cuts YoY70.90%13.70%
10/04Initial Jobless Claims215k207k214k
10/04Continuing Claims1665k1650k1661k
10/04Bloomberg Consumer Comfort61.2
10/04Factory Orders2.10%-0.80%
10/04Factory Orders Ex Trans0.20%
10/04Durable Goods Orders4.50%4.50%
10/04Durables Ex Transportation0.10%
10/04Cap Goods Orders Nondef Ex Air-0.50%
10/04Cap Goods Ship Nondef Ex Air0.10%
10/05Trade Balance-$53.5b-$50.1b
10/05Change in Nonfarm Payrolls184k201k
10/05Two-Month Payroll Net Revision
10/05Change in Private Payrolls180k204k
10/05Change in Manufact. Payrolls15k-3k
10/05Unemployment Rate3.80%3.90%
10/05Underemployment Rate7.40%
10/05Average Hourly Earnings MoM0.30%0.40%
10/05Average Hourly Earnings YoY2.80%2.90%
10/05Average Weekly Hours All Employees34.534.5
10/05Labor Force Participation Rate62.70%62.70%
10/05Consumer Credit$15.000b$16.640b