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

9/2/2022Two-Month Payroll Net Revision-107k
9/2/2022Average Hourly Earnings MoM0.40%0.30%0.50%
9/2/2022Change in Nonfarm Payrolls298k315k528k526k
9/2/2022Change in Private Payrolls300k308k471k477k
9/2/2022Change in Manufact. Payrolls15k22k30k36k
9/2/2022Unemployment Rate3.50%3.70%3.50%
9/2/2022Average Hourly Earnings YoY5.30%5.20%5.20%
9/2/2022Average Weekly Hours All Employees34.634.534.6
9/2/2022Labor Force Participation Rate62.20%62.40%62.10%
9/2/2022Underemployment Rate7.00%6.70%
9/2/2022Factory Orders0.20%2.00%
9/2/2022Factory Orders Ex Trans0.40%1.40%
9/2/2022Durable Goods Orders0.00%0.00%
9/2/2022Durables Ex Transportation0.30%0.30%
9/2/2022Cap Goods Orders Nondef Ex Air0.40%
9/2/2022Cap Goods Ship Nondef Ex Air0.70%
9/6/2022S&P Global US Services PMI44.244.1
9/6/2022S&P Global US Composite PMI4545
9/6/2022ISM Services Index55.256.7
9/7/2022MBA Mortgage Applications-3.70%
9/7/2022Trade Balance-$70.1b-$79.6b
9/7/2022U.S. Federal Reserve Releases Beige Book
9/8/2022Initial Jobless Claims232k
9/8/2022Continuing Claims1438k
9/8/2022Consumer Credit$32.500b$40.154b
9/9/2022Bloomberg Sept. United States Economic Survey
9/9/2022Wholesale Trade Sales MoM1.80%
9/9/2022Wholesale Inventories MoM0.80%0.80%
9/9/2022Household Change in Net Worth-$544b


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