October 6, 2021 Headlines

Inflation headlines in Europe roiled global equity markets overnight, led by a nearly 2% decline in the Euro Stoxx 50. Treasuries extended yesterday’s sell-off in the early overnight session, but prices have recovered somewhat amid the risk-off trade. S&P 500 futures are down a little more than 1% as of 8:17am EDT. Europe continues to deal with surging energy prices, including a 60% increase in Dutch and U.K. natural gas prices in just two days. Mortgage refinance applications fell 9.6% last week amid the rise in long-end yields according to the Mortgage Bankers Association’s weekly survey. Purchase applications were down 1.7% over the period. The ADP employment report showed private payrolls adding 568,000 jobs in September, 138,000 more than expected. Friday’s nonfarm payrolls report is currently expected to show a 450,000 increase in private payrolls last month.

Jason Haley
Chief Investment Officer

10/04/21Factory Orders1.00%1.20%0.40%0.70%
10/04/21Factory Orders Ex Trans0.40%0.50%0.80%0.90%
10/04/21Durable Goods Orders1.80%1.80%1.80%
10/04/21Durables Ex Transportation0.20%0.30%0.20%
10/04/21Cap Goods Orders Nondef Ex Air0.50%0.60%0.50%
10/04/21Cap Goods Ship Nondef Ex Air0.80%0.70%
10/05/21Trade Balance-$70.8b-$73.3b-$70.1b-$70.3b
10/05/21Markit US Services PMI54.454.954.4
10/05/21Markit US Composite PMI5554.5
10/05/21ISM Services Index59.961.961.7
10/06/21MBA Mortgage Applications-6.90%-1.10%
10/06/21ADP Employment Change430k568k374k340k
10/07/21Challenger Job Cuts YoY-86.40%
10/07/21Initial Jobless Claims348k362k
10/07/21Continuing Claims2765k2802k
10/07/21Langer Consumer Comfort54.7
10/07/21Consumer Credit$17.500b$17.004b
10/08/21Change in Nonfarm Payrolls488k235k
10/08/21Two-Month Payroll Net Revision134k
10/08/21Change in Private Payrolls450k243k
10/08/21Change in Manufact. Payrolls25k37k
10/08/21Unemployment Rate5.10%5.20%
10/08/21Average Hourly Earnings MoM0.40%0.60%
10/08/21Average Hourly Earnings YoY4.60%4.30%
10/08/21Average Weekly Hours All Employees34.734.7
10/08/21Labor Force Participation Rate61.70%61.70%
10/08/21Underemployment Rate8.80%
10/08/21Wholesale Inventories MoM1.20%1.20%
10/08/21Wholesale Trade Sales MoM0.80%2.00%


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