September 3, 2019 Headlines

Treasury prices are slightly higher this morning amid a modest risk-off tone in global markets. European equities are down 25-50 bps, and S&P 500 futures are down 70 bps ahead of the open. While U.S./China trade concerns remain at the forefront, investors are beginning to shift some attention toward a potential hard Brexit next month. A group of British lawmakers is attempting to pass legislation that would block a “No Deal” Brexit, which would involve an immediate withdrawal from the European Union with no terms for the break up. If these lawmakers are successful, new PM Boris Johnson has threatened to call for snap elections in an effort to ov. A rushed Brexit and the potential for snap elections brings more uncertainty to the situation, which is a negative for financial markets.

Jason Haley
Managing Director, Investment Management Group

Date	Event	Survey	Actual	Prior	Revised
9/3/2019	Markit US Manufacturing PMI	50	—	49.9	—
9/3/2019	ISM Manufacturing	51.3	—	51.2	—
9/3/2019	ISM Employment	—	—	51.7	—
9/3/2019	ISM Prices Paid	46.8	—	45.1	—
9/3/2019	ISM New Orders	50.5	—	50.8	—
9/3/2019	Construction Spending MoM	0.30%	—	-1.30%	—
9/3/2019	Revisions: Construction Spending
9/4/2019	MBA Mortgage Applications	—	—	-6.20%	—
9/4/2019	Trade Balance	-$53.4b	—	-$55.2b	—
9/4/2019	U.S. Federal Reserve Releases Beige Book
9/4/2019	Wards Total Vehicle Sales	16.80m	—	16.82m	—
9/5/2019	Challenger Job Cuts YoY	—	—	43.20%	—
9/5/2019	ADP Employment Change	149k	—	156k	—
9/5/2019	Nonfarm Productivity	2.20%	—	2.30%	—
9/5/2019	Unit Labor Costs	2.40%	—	2.40%	—
9/5/2019	Initial Jobless Claims	215k	—	215k	—
9/5/2019	Continuing Claims	1688k	—	1698k	—
9/5/2019	Bloomberg Consumer Comfort	—	—	62.5	—
9/5/2019	Markit US Services PMI	50.9	—	50.9	—
9/5/2019	Markit US Composite PMI	—	—	50.9	—
9/5/2019	Factory Orders	1.00%	—	0.60%	—
9/5/2019	Factory Orders Ex Trans	—	—	0.10%	—
9/5/2019	Durable Goods Orders	2.10%	—	2.10%	—
9/5/2019	Durables Ex Transportation	-0.40%	—	-0.40%	—
9/5/2019	Cap Goods Orders Nondef Ex Air	—	—	0.40%	—
9/5/2019	Cap Goods Ship Nondef Ex Air	—	—	-0.70%	—
9/5/2019	ISM Non-Manufacturing Index	54	—	53.7	—
9/6/2019	Change in Nonfarm Payrolls	160k	—	164k	—
9/6/2019	Two-Month Payroll Net Revision	—	—	-41k	—
9/6/2019	Change in Private Payrolls	150k	—	148k	—
9/6/2019	Change in Manufact. Payrolls	5k	—	16k	—
9/6/2019	Unemployment Rate	3.70%	—	3.70%	—
9/6/2019	Average Hourly Earnings MoM	0.30%	—	0.30%	—
9/6/2019	Average Hourly Earnings YoY	3.00%	—	3.20%	—
9/6/2019	Average Weekly Hours All Employees	34.4	—	34.3	—
9/6/2019	Labor Force Participation Rate	—	—	63.00%	—
9/6/2019	Underemployment Rate	—	—	7.00%	—

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