September 2, 2020 Headlines

Yesterday, the US Treasury curve bull flattened as Federal Reserve Governor Brainard suggested more accommodation could be needed to overcome the pandemic’s economic impact. Last week, the Federal Reserve announced a shift in strategy to average inflation targeting rather than the traditional 2% target. The shift in framework would allow monetary policy more leeway to purse maximum employment if inflation remains contained. At the open, the 10-year US Treasury yields .667% and equity markets are pushing higher with the implied open on the S&P500 +.41%.

Chris Eckhoff
Associate, Investment Management Group

8/31/20Dallas Fed Manf. Activity08-3
9/1/20Markit US Manufacturing PMI53.653.153.6
9/1/20ISM Manufacturing54.85654.2
9/1/20ISM New Orders58.867.661.5
9/1/20ISM Prices Paid5459.553.2
9/1/20ISM Employment46.444.3
9/1/20Construction Spending MoM1.00%0.10%-0.70%-0.50%
9/1/20Wards Total Vehicle Sales14.90m15.19m14.52m
9/2/20MBA Mortgage Applications-2.00%-6.50%
9/2/20ADP Employment Change1000k428k167k212k
9/2/20Factory Orders6.10%6.20%
9/2/20Factory Orders Ex Trans4.40%
9/2/20Durable Goods Orders11.20%11.20%
9/2/20Durables Ex Transportation2.40%2.40%
9/2/20Cap Goods Orders Nondef Ex Air1.90%1.90%
9/2/20Cap Goods Ship Nondef Ex Air2.40%
9/2/20U.S. Federal Reserve Releases Beige Book
9/3/20Challenger Job Cuts YoY576.10%
9/3/20Nonfarm Productivity7.50%7.30%
9/3/20Unit Labor Costs12.00%12.20%
9/3/20Initial Jobless Claims950k1006k
9/3/20Continuing Claims14000k14535k
9/3/20Trade Balance-$58.0b-$50.7b
9/3/20Bloomberg Consumer Comfort44.3
9/3/20Markit US Services PMI54.754.8
9/3/20Markit US Composite PMI54.7
9/3/20ISM Services Index5758.1
9/4/20Change in Nonfarm Payrolls1390k1763k
9/4/20Two-Month Payroll Net Revision17k
9/4/20Change in Private Payrolls1288k1462k
9/4/20Change in Manufact. Payrolls55k26k
9/4/20Unemployment Rate9.80%10.20%
9/4/20Average Hourly Earnings MoM0.00%0.20%
9/4/20Average Hourly Earnings YoY4.50%4.80%
9/4/20Average Weekly Hours All Employees34.534.5
9/4/20Labor Force Participation Rate61.80%61.40%
9/4/20Underemployment Rate16.50%


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