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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.
US DATA
- Payrolls growth was far stronger than expected in January, surging 517k (cons 189k).
- It was broken down by private goods 46k, private services 397k and government 74k. Largest service increases led by leisure & hospitality (128k) and private education & health (105k).
- Prior revisions see an unchanged trend through 1H22 (445k monthly av vs 444k prior) but a stronger trend through 2H22 (357k vs 307k), with a very similar story in private sector trends.
- Including January, both 3mth and 6mth averages sit at ~350k.
- What was already a steady moderation in prior trend is much slower than first thought (and clearly far above the ~100k sustainable rate), surprising some having looked for downward revisions in light of weakness in GDI measures in 1H22.
- Importantly though, the u/e rate also pushing to new recent history lows of 3.43% (cons 3.6%) but has only come with modest upwards revisions to AHE and at an expected 0.3% M/M on the month.
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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