September 3, 2020 Headlines

Treasury prices are unchanged to slightly lower on the long-end of the curve on a relatively quiet morning thus far. In a somewhat rare occurrence in this environment, equity futures are actually pointing to a lower open for the three major indices. European shares are higher after France announced new stimulus measures (Euro Stoxx +1.13%). Initial jobless claims for the week ended August 29 fell more than expected to 881,000, the lowest level since March, but the Labor Department attributed the oversized decline to changes in seasonal adjustments, which were less appropriate in the current environment. On a positive note, continuing jobless claims fell to 13.1 million from 13.9 million the prior week on a non-seasonally adjusted basis. 

Jason Haley
Chief Investment Officer

Date Event Survey Actual Prior Revised
8/31/20 Dallas Fed Manf. Activity 0 8 -3 —
9/1/20 Markit US Manufacturing PMI 53.6 53.1 53.6 —
9/1/20 ISM Manufacturing 54.8 56 54.2 —
9/1/20 ISM New Orders 58.8 67.6 61.5 —
9/1/20 ISM Prices Paid 54 59.5 53.2 —
9/1/20 ISM Employment — 46.4 44.3 —
9/1/20 Construction Spending MoM 1.00% 0.10% -0.70% -0.50%
9/1/20 Wards Total Vehicle Sales 14.90m 15.19m 14.52m —
9/2/20 MBA Mortgage Applications — -2.00% -6.50% —
9/2/20 ADP Employment Change 1000k 428k 167k 212k
9/2/20 Factory Orders 6.10% 6.40% 6.20% 6.40%
9/2/20 Factory Orders Ex Trans — 2.10% 4.40% 4.80%
9/2/20 Durable Goods Orders 11.20% 11.40% 11.20% —
9/2/20 Durables Ex Transportation 2.40% 2.60% 2.40% —
9/2/20 Cap Goods Orders Nondef Ex Air 1.90% 1.90% 1.90% —
9/2/20 Cap Goods Ship Nondef Ex Air — 2.40% 2.40% —
9/2/20 U.S. Federal Reserve Releases Beige Book
9/3/20 Challenger Job Cuts YoY — 116.50% 576.10% —
9/3/20 Nonfarm Productivity 7.50% 10.10% 7.30% —
9/3/20 Unit Labor Costs 12.00% 9.00% 12.20% —
9/3/20 Initial Jobless Claims 950k 881k 1006k 1011k
9/3/20 Continuing Claims 14000k 13254k 14535k 14492k
9/3/20 Trade Balance -$58.0b -$63.6b -$50.7b -$53.5b
9/3/20 Bloomberg Consumer Comfort — 45.1 44.3 —
9/3/20 Markit US Services PMI 54.7 55 54.8 —
9/3/20 Markit US Composite PMI — 54.6 54.7 —
9/3/20 ISM Services Index 57 56.9 58.1 —
9/4/20 Change in Nonfarm Payrolls 1350k — 1763k —
9/4/20 Two-Month Payroll Net Revision — — 17k —
9/4/20 Change in Private Payrolls 1284k — 1462k —
9/4/20 Change in Manufact. Payrolls 60k — 26k —
9/4/20 Unemployment Rate 9.80% — 10.20% —
9/4/20 Average Hourly Earnings MoM 0.00% — 0.20% —
9/4/20 Average Hourly Earnings YoY 4.40% — 4.80% —
9/4/20 Average Weekly Hours All Employees 34.5 — 34.5 —
9/4/20 Labor Force Participation Rate 61.80% — 61.40% —
9/4/20 Underemployment Rate — — 16.50% —

 

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