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

8/31/20Dallas Fed Manf. Activity08-3
9/1/20Markit US Manufacturing PMI53.653.153.6
9/1/20ISM Manufacturing54.85654.2
9/1/20ISM New Orders58.867.661.5
9/1/20ISM Prices Paid5459.553.2
9/1/20ISM Employment46.444.3
9/1/20Construction Spending MoM1.00%0.10%-0.70%-0.50%
9/1/20Wards Total Vehicle Sales14.90m15.19m14.52m
9/2/20MBA Mortgage Applications-2.00%-6.50%
9/2/20ADP Employment Change1000k428k167k212k
9/2/20Factory Orders6.10%6.40%6.20%6.40%
9/2/20Factory Orders Ex Trans2.10%4.40%4.80%
9/2/20Durable Goods Orders11.20%11.40%11.20%
9/2/20Durables Ex Transportation2.40%2.60%2.40%
9/2/20Cap Goods Orders Nondef Ex Air1.90%1.90%1.90%
9/2/20Cap Goods Ship Nondef Ex Air2.40%2.40%
9/2/20U.S. Federal Reserve Releases Beige Book
9/3/20Challenger Job Cuts YoY116.50%576.10%
9/3/20Nonfarm Productivity7.50%10.10%7.30%
9/3/20Unit Labor Costs12.00%9.00%12.20%
9/3/20Initial Jobless Claims950k881k1006k1011k
9/3/20Continuing Claims14000k13254k14535k14492k
9/3/20Trade Balance-$58.0b-$63.6b-$50.7b-$53.5b
9/3/20Bloomberg Consumer Comfort45.144.3
9/3/20Markit US Services PMI54.75554.8
9/3/20Markit US Composite PMI54.654.7
9/3/20ISM Services Index5756.958.1
9/4/20Change in Nonfarm Payrolls1350k1763k
9/4/20Two-Month Payroll Net Revision17k
9/4/20Change in Private Payrolls1284k1462k
9/4/20Change in Manufact. Payrolls60k26k
9/4/20Unemployment Rate9.80%10.20%
9/4/20Average Hourly Earnings MoM0.00%0.20%
9/4/20Average Hourly Earnings YoY4.40%4.80%
9/4/20Average Weekly Hours All Employees34.534.5
9/4/20Labor Force Participation Rate61.80%61.40%
9/4/20Underemployment Rate16.50%


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