US Economy and Credit Markets Ended Sept 10, 2021

 
Treasury yields were little changed last week in a relatively quiet week of economic data. The Job Openings and Labor Turnover Survey released Wednesday by the Labor Department showed U.S. job openings reached a record 10.9 million in July. Initial jobless claims for the week ending on September 4 reached a pandemic low of 310,000. The four-week moving average of 339,500 was also a pandemic low, indicating there has not been a rise in layoffs due to the Delta variant. The Producer Price Index increased 0.7% from July to August, and 8.3% from last year. Both increases were above forecasts. August's year-over-year increase in producer prices is the largest on record. Labor and materials shortages and supply chain bottlenecks contributed to the price increases. Regarding inflation, the CEO of Union Pacific said in an interview last week that "it doesn't look like it's temporary," and that cargo congestion will likely continue well into next year. August's reading of the Consumer Price Index will be released this week. Major economic reports (related consensus forecasts, prior data) for the upcoming week include Tuesday: August CPI MoM (0.4%, 0.5%); Wednesday: September 10 MBA Mortgage Applications (N/A, -1.9%), August Industrial Production MoM (0.4%, 0.9%); September Empire Manufacturing (18.0, 18.3); Thursday: September 11 Initial Jobless Claims (320k, 310k), August Retail Sales Advance MoM (-0.8%, -1.1%); Friday: September Preliminary U. of Mich. Sentiment (72.0, 70.3).
Posted on Monday, September 13, 2021 @ 8:03 AM

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.