September 5, 2019 Headlines

Reports that Chinese officials will travel to Washington in early October for trade talks has boosted risk assets overnight. S&P 500 futures are up nearly 1%, and Treasury yields are 5-6 bps higher. Germany reported another round of weak economic data (factory orders and construction data), which is reinforcing market expectations of the ECB announcing a new asset purchase program at the September 12 meeting. In the U.K., it now appears more likely that the 10/31 Brexit deadline will be extended by three months. Prime Minister Johnson will still try to push for new elections (likely mid-November at the earliest), but the probability of a “No Deal” Brexit in the near term is much lower.

Jason Haley
Managing Director, Investment Management Group

DateEventSurveyActualPriorRevised
9/5/2019Challenger Job Cuts YoY39.00%43.20%
9/5/2019ADP Employment Change148k195k156k142k
9/5/2019Nonfarm Productivity2.20%2.30%2.30%
9/5/2019Unit Labor Costs2.40%2.60%2.40%
9/5/2019Initial Jobless Claims215k217k215k216k
9/5/2019Continuing Claims1688k1662k1698k1701k
9/5/2019Bloomberg Consumer Comfort62.5
9/5/2019Markit US Services PMI50.950.9
9/5/2019Markit US Composite PMI50.9
9/5/2019Factory Orders1.00%0.60%
9/5/2019Factory Orders Ex Trans0.10%
9/5/2019Durable Goods Orders2.10%2.10%
9/5/2019Durables Ex Transportation-0.40%-0.40%
9/5/2019Cap Goods Orders Nondef Ex Air0.40%
9/5/2019Cap Goods Ship Nondef Ex Air-0.70%
9/5/2019ISM Non-Manufacturing Index5453.7
9/6/2019Two-Month Payroll Net Revision
9/6/2019Change in Nonfarm Payrolls160k164k
9/6/2019Change in Private Payrolls150k148k
9/6/2019Change in Manufact. Payrolls5k16k
9/6/2019Unemployment Rate3.70%3.70%
9/6/2019Average Hourly Earnings MoM0.30%0.30%
9/6/2019Average Hourly Earnings YoY3.00%3.20%
9/6/2019Average Weekly Hours All Employees34.434.3
9/6/2019Labor Force Participation Rate63.00%
9/6/2019Underemployment Rate7.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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