September 2, 2021 Headlines

It’s relatively quiet in U.S. markets this morning ahead of tomorrow’s jobs report and the long holiday weekend. Treasury yields are unchanged to slightly lower across the curve, and equity index futures are up 20-30 basis points. Ford Motor announced that it will be cutting production of trucks and SUVs, including its popular F-150 truck, due to global semiconductor chip shortages. Toyota also announced production cuts recently for the same reason. Bloomberg is reporting that some Democrats on the House committee responsible for drafting President Biden’s tax plan into legislation are at odds over some components, including the plan for capital gains and step-up provisions. The latter includes Biden’s proposal to end a standing tax policy that allows unrealized investment gains to go untaxed via inheritance. If unable to pass through all of the proposed revenue-generating tax hikes, the White House would likely have to sacrifice some of its spending initiatives as well.

Jason Haley
Chief Investment Officer

08/30/21Pending Home Sales MoM0.30%-1.80%-1.90%-2.00%
08/30/21Pending Home Sales NSA YoY-8.80%-9.50%-3.30%-3.50%
08/30/21Dallas Fed Manf. Activity23927.3
08/31/21FHFA House Price Index MoM1.90%1.60%1.70%1.80%
08/31/21House Price Purchase Index QoQ4.90%3.50%3.90%
08/31/21S&P CoreLogic CS 20-City MoM SA1.80%1.77%1.81%
08/31/21S&P CoreLogic CS 20-City YoY NSA18.60%19.08%16.99%17.14%
08/31/21S&P CoreLogic CS US HPI YoY NSA18.61%16.61%16.78%
08/31/21MNI Chicago PMI6866.873.4
08/31/21Conf. Board Consumer Confidence123113.8129.1125.1
08/31/21Conf. Board Present Situation147.3160.3157.2
08/31/21Conf. Board Expectations91.4108.4103.8
09/01/21MBA Mortgage Applications-2.40%1.60%
09/01/21ADP Employment Change625k374k330k326k
09/01/21Markit US Manufacturing PMI61.261.161.2
09/01/21Construction Spending MoM0.20%0.30%0.10%0.00%
09/01/21ISM Manufacturing58.559.959.5
09/01/21ISM Prices Paid8479.485.7
09/01/21ISM New Orders6166.764.9
09/01/21ISM Employment4952.9
09/01/21Wards Total Vehicle Sales14.45m13.06m14.75m
09/02/21Challenger Job Cuts YoY-86.40%-92.80%
09/02/21Initial Jobless Claims345k340k353k354k
09/02/21Continuing Claims2808k2748k2862k2908k
09/02/21Nonfarm Productivity2.50%2.10%2.30%
09/02/21Unit Labor Costs0.90%1.30%1.00%
09/02/21Trade Balance-$70.9b-$70.1b-$75.7b-$73.2b
09/02/21Langer Consumer Comfort57.2
09/02/21Factory Orders0.30%1.50%
09/02/21Factory Orders Ex Trans0.50%1.40%
09/02/21Durable Goods Orders-0.10%-0.10%
09/02/21Durables Ex Transportation0.70%0.70%
09/02/21Cap Goods Orders Nondef Ex Air0.00%0.00%
09/02/21Cap Goods Ship Nondef Ex Air1.00%
09/03/21Two-Month Payroll Net Revision
09/03/21Change in Nonfarm Payrolls725k943k
09/03/21Change in Private Payrolls610k703k
09/03/21Change in Manufact. Payrolls23k27k
09/03/21Unemployment Rate5.20%5.40%
09/03/21Average Hourly Earnings MoM0.30%0.40%
09/03/21Average Hourly Earnings YoY4.00%4.00%
09/03/21Average Weekly Hours All Employees34.834.8
09/03/21Labor Force Participation Rate61.80%61.70%
09/03/21Underemployment Rate9.20%
09/03/21Markit US Services PMI55.255.2
09/03/21Markit US Composite PMI55.4
09/03/21ISM Services Index61.864.1


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