September 2, 2022 Headlines

Treasuries rallied following today’s jobs report with front-end yields down 6 to 7 bps. The jobs report showed non-farm payrolls increasing by 315,000 in August, 17,000 higher than expected, and the unemployment rate edged higher to 3.7%. The increase in the unemployment rate was driven by an increase in the participation rate which increased to 62.4% from 62.1%. Average hourly earnings came in lower than expected, increasing by 0.3% rather than 0.4%. Today’s report is unlikely to sway the Fed either way in its decision to raise rates by 50 or 75 bps.

Hafizan Hamzah
Senior Director, Investment Management Group

Date	Event	Survey	Actual	Prior	Revised
9/2/2022	Two-Month Payroll Net Revision	—	-107k	—	—
9/2/2022	Average Hourly Earnings MoM	0.40%	0.30%	0.50%	—
9/2/2022	Change in Nonfarm Payrolls	298k	315k	528k	526k
9/2/2022	Change in Private Payrolls	300k	308k	471k	477k
9/2/2022	Change in Manufact. Payrolls	15k	22k	30k	36k
9/2/2022	Unemployment Rate	3.50%	3.70%	3.50%	—
9/2/2022	Average Hourly Earnings YoY	5.30%	5.20%	5.20%	—
9/2/2022	Average Weekly Hours All Employees	34.6	34.5	34.6	—
9/2/2022	Labor Force Participation Rate	62.20%	62.40%	62.10%	—
9/2/2022	Underemployment Rate	—	7.00%	6.70%	—
9/2/2022	Factory Orders	0.20%	—	2.00%	—
9/2/2022	Factory Orders Ex Trans	0.40%	—	1.40%	—
9/2/2022	Durable Goods Orders	0.00%	—	0.00%	—
9/2/2022	Durables Ex Transportation	0.30%	—	0.30%	—
9/2/2022	Cap Goods Orders Nondef Ex Air	—	—	0.40%	—
9/2/2022	Cap Goods Ship Nondef Ex Air	—	—	0.70%	—
9/6/2022	S&P Global US Services PMI	44.2	—	44.1	—
9/6/2022	S&P Global US Composite PMI	45	—	45	—
9/6/2022	ISM Services Index	55.2	—	56.7	—
9/7/2022	MBA Mortgage Applications	—	—	-3.70%	—
9/7/2022	Trade Balance	-$70.1b	—	-$79.6b	—
9/7/2022	U.S. Federal Reserve Releases Beige Book
9/8/2022	Initial Jobless Claims	—	—	232k	—
9/8/2022	Continuing Claims	—	—	1438k	—
9/8/2022	Consumer Credit	$32.500b	—	$40.154b	—
9/9/2022	Bloomberg Sept. United States Economic Survey
9/9/2022	Wholesale Trade Sales MoM	—	—	1.80%	—
9/9/2022	Wholesale Inventories MoM	0.80%	—	0.80%	—
9/9/2022	Household Change in Net Worth	—	—	-$544b	—

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