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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessING: Payrolls Keep Feds On For 50bp Hikes In Jun & Jul
- May saw the seventh month in the last eight where payrolls beat consensus (390k vs 318k), with solid gains throughout aside from a surprise 61k drop in retail. It’s especially encouraging given a slowdown in hiring had been hinted at in other reports.
- This report will likely please the Fed in that the job creation story is pretty good, but inflationary pressures in the labour market may well be starting to top-out. Wage growth was a touch softer than forecast at 0.3% M/M, suggesting the gains or 0.5 or 0.6% M/M through 2H21 are over.
- ING see slower payrolls growth ahead as have most of the 22mn jobs lost in Mar-Apr 2020 have been filled and corporates are likely more cautious with growing concern about the economic outlook.
- However, the tight jobs market with worker shortages and rising pay is both a constraint on growth and will keep inflation higher for longer.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.