The Treasury curve is steepening this morning with short rates essentially flat and the long end of the curve up 2-4 basis points.
Equity futures are lower on the final trading day of the month with renewed concerns regarding the hostilities in the Middle East. Fed Fund futures show around a 65% chance of a Fed hike post Warsh’s comments at the Jackson Hole event.
Conrad Lofton
Director
| Date | Event | Survey | Actual | Prior |
| 8/31/2026 | Dallas Fed Manf. Activity | 1.6 | — | 1.3 |
| 9/1/2026 | S&P Global US Manufacturing PMI | 53.3 | — | 53.2 |
| 9/1/2026 | ISM Manufacturing | 55.2 | — | 55.6 |
| 9/1/2026 | ISM Prices Paid | 70.5 | — | 71.1 |
| 9/1/2026 | ISM New Orders | 57 | — | 56.7 |
| 9/1/2026 | ISM Employment | 52.5 | — | 52.8 |
| 9/1/2026 | Construction Spending MoM | 0.00% | — | -0.10% |
| 9/1/2026 | JOLTS Job Openings | 7313k | — | 7359k |
| 9/1/2026 | JOLTS Job Openings Rate | — | — | 4.40% |
| 9/1/2026 | JOLTS Quits Level | 3208k | — | 3232k |
| 9/1/2026 | JOLTS Quits Rate | 2.00% | — | 2.00% |
| 9/1/2026 | JOLTS Layoffs Level | 1768k | — | 1766k |
| 9/1/2026 | JOLTS Layoffs Rate | 1.10% | — | 1.10% |
| 9/1/2026 | Dallas Fed Services Activity | 8 | — | 6.6 |
| 9/01/2026 | Omdia Total Vehicle Sales | 16.30m | — | 16.33m |
| 9/2/2026 | MBA Mortgage Applications | — | — | -1.00% |
| 9/2/2026 | ADP Employment Change | 47k | — | 44k |
| 9/2/2026 | Factory Orders | 0.70% | — | -0.30% |
| 9/2/2026 | Factory Orders Ex Trans | 0.40% | — | -0.40% |
| 9/2/2026 | Durable Goods Orders | 1.10% | — | 1.10% |
| 9/2/2026 | Durables Ex Transportation | 0.40% | — | 0.40% |
| 9/2/2026 | Cap Goods Orders Nondef Ex Air | 0.20% | — | 0.20% |
| 9/2/2026 | Cap Goods Ship Nondef Ex Air | 1.40% | — | 1.40% |
| 9/3/2026 | Challenger Job Cuts YoY | — | — | -46.10% |
| 9/3/2026 | Challenger Job Cuts Total | — | — | 33429 |
| 9/3/2026 | Trade Balance | -$90.1b | — | -$73.3b |
| 9/3/2026 | Imports MoM | 1.40% | — | -1.80% |
| 9/3/2026 | Exports MoM | -0.80% | — | -0.90% |
| 9/3/2026 | Nonfarm Productivity | 1.40% | — | 1.40% |
| 9/3/2026 | Unit Labor Costs | 1.30% | — | 1.30% |
| 9/3/2026 | Initial Jobless Claims | 205k | — | 203k |
| 9/3/2026 | Initial Claims 4-Wk Moving Avg | — | — | 205.50k |
| 9/3/2026 | Continuing Claims | 1785k | — | 1778k |
| 9/3/2026 | S&P Global US Services PMI | 56.8 | — | 56.8 |
| 9/3/2026 | S&P Global US Composite PMI | — | — | 56 |
| 9/3/2026 | ISM Services Index | 54.1 | — | 54.1 |
| 9/3/2026 | ISM Services Prices Paid | 70 | — | 70.3 |
| 9/3/2026 | ISM Services New Orders | 56.5 | — | 57.2 |
| 9/3/2026 | ISM Services Employment | 49.5 | — | 47.4 |
| 9/4/2026 | Change in Nonfarm Payrolls | 55k | — | -23k |
| 9/4/2026 | Two-Month Payroll Net Revision | — | — | -103k |
| 9/4/2026 | Change in Private Payrolls | 50k | — | 30k |
| 9/4/2026 | Change in Manufact. Payrolls | 5k | — | 5k |
| 9/4/2026 | Nonfarm Payrolls 3-Mo Avg Chg | — | — | 20k |
| 9/4/2026 | Average Hourly Earnings MoM | 0.30% | — | 0.10% |
| 9/4/2026 | Average Hourly Earnings YoY | 3.00% | — | 3.20% |
| 9/4/2026 | Average Weekly Hours All Employees | 34.3 | — | 34.3 |
| 9/4/2026 | Unemployment Rate | 4.10% | — | 4.10% |
| 9/4/2026 | Labor Force Participation Rate | 61.40% | — | 61.40% |
| 9/4/2026 | Underemployment Rate | — | — | 7.90% |