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

Date Event Surv(M) Actual Prior Revised
08/30/21 Pending Home Sales MoM 0.30% -1.80% -1.90% -2.00%
08/30/21 Pending Home Sales NSA YoY -8.80% -9.50% -3.30% -3.50%
08/30/21 Dallas Fed Manf. Activity 23 9 27.3 —
08/31/21 FHFA House Price Index MoM 1.90% 1.60% 1.70% 1.80%
08/31/21 House Price Purchase Index QoQ — 4.90% 3.50% 3.90%
08/31/21 S&P CoreLogic CS 20-City MoM SA 1.80% 1.77% 1.81% —
08/31/21 S&P CoreLogic CS 20-City YoY NSA 18.60% 19.08% 16.99% 17.14%
08/31/21 S&P CoreLogic CS US HPI YoY NSA — 18.61% 16.61% 16.78%
08/31/21 MNI Chicago PMI 68 66.8 73.4 —
08/31/21 Conf. Board Consumer Confidence 123 113.8 129.1 125.1
08/31/21 Conf. Board Present Situation — 147.3 160.3 157.2
08/31/21 Conf. Board Expectations — 91.4 108.4 103.8
09/01/21 MBA Mortgage Applications — -2.40% 1.60% —
09/01/21 ADP Employment Change 625k 374k 330k 326k
09/01/21 Markit US Manufacturing PMI 61.2 61.1 61.2 —
09/01/21 Construction Spending MoM 0.20% 0.30% 0.10% 0.00%
09/01/21 ISM Manufacturing 58.5 59.9 59.5 —
09/01/21 ISM Prices Paid 84 79.4 85.7 —
09/01/21 ISM New Orders 61 66.7 64.9 —
09/01/21 ISM Employment — 49 52.9 —
09/01/21 Wards Total Vehicle Sales 14.45m 13.06m 14.75m —
09/02/21 Challenger Job Cuts YoY — -86.40% -92.80% —
09/02/21 Initial Jobless Claims 345k 340k 353k 354k
09/02/21 Continuing Claims 2808k 2748k 2862k 2908k
09/02/21 Nonfarm Productivity 2.50% 2.10% 2.30% —
09/02/21 Unit Labor Costs 0.90% 1.30% 1.00% —
09/02/21 Trade Balance -$70.9b -$70.1b -$75.7b -$73.2b
09/02/21 Langer Consumer Comfort — — 57.2 —
09/02/21 Factory Orders 0.30% — 1.50% —
09/02/21 Factory Orders Ex Trans 0.50% — 1.40% —
09/02/21 Durable Goods Orders -0.10% — -0.10% —
09/02/21 Durables Ex Transportation 0.70% — 0.70% —
09/02/21 Cap Goods Orders Nondef Ex Air 0.00% — 0.00% —
09/02/21 Cap Goods Ship Nondef Ex Air — — 1.00% —
09/03/21 Two-Month Payroll Net Revision — — — —
09/03/21 Change in Nonfarm Payrolls 725k — 943k —
09/03/21 Change in Private Payrolls 610k — 703k —
09/03/21 Change in Manufact. Payrolls 23k — 27k —
09/03/21 Unemployment Rate 5.20% — 5.40% —
09/03/21 Average Hourly Earnings MoM 0.30% — 0.40% —
09/03/21 Average Hourly Earnings YoY 4.00% — 4.00% —
09/03/21 Average Weekly Hours All Employees 34.8 — 34.8 —
09/03/21 Labor Force Participation Rate 61.80% — 61.70% —
09/03/21 Underemployment Rate — — 9.20% —
09/03/21 Markit US Services PMI 55.2 — 55.2 —
09/03/21 Markit US Composite PMI — — 55.4 —
09/03/21 ISM Services Index 61.8 — 64.1 —

 

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