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Bob Carey
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  US Economy and Credit Markets Ended May 7, 2021
Posted Under: Weekly Market Commentary
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U.S. Treasury bond yields were down across the yield curve last week. The risk-off sentiment during the week was largely fueled by mixed economic reports. The ISM Manufacturing and Non-Manufacturing Indexes, which are based on industry survey data, both came in lighter than expected for the month of April. Though both indexes still signaled economic expansion. Investors digested a softer-than-expected jobs report on Friday. Nonfarm payrolls increased 266,000 in the month of April, which was well short of the consensus expected level of 1,000,000 as increased government unemployment benefits persist. The largest increase in jobs during last month came from the leisure and hospitality sector. Unemployment ticked up 0.1% in the month of April to 6.1% overall. More encouragingly, average hourly earnings rose by 0.7% and aggregate hours worked increased 0.5% last month. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Tuesday: April NFIB Small Business Optimism (100.8, 98.2); Wednesday: May 7 MBA Mortgage Applications (N/A, -0.9%), April CPI MoM (0.2%, 0.6%), April CPI YoY (3.66%, 2.6%), April Monthly Budget Statement (N/A, -$659.6); Thursday: April PPI Final Demand MoM (0.3%, 1.0%), April PPI Final Demand YoY (5.8%, 4.2%), May 8 Initial Jobless Claims (500K, 498K), May 1 Continuing Claims (3640K, 3690K); Friday: April Retail Sales Advance MoM (1.0%, 9.8%), April Import Price Index MoM 0.6%, 1.2%), April Industrial Production MoM (1.1%, 1.4%), April Capacity Utilization 75.1%, 74.4%), May Preliminary University of Michigan Sentiment (90.2, 88.3).
Posted on Monday, May 10, 2021 @ 8:12 AM • Post Link Share: 
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These posts were prepared by First Trust Advisors L.P., and reflect the current opinion of the authors. They are based upon sources and data believed to be accurate and reliable. Opinions and forward looking statements expressed are subject to change without notice. This information does not constitute a solicitation or an offer to buy or sell any security.
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