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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