Free Trial
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
- ADP employment was softer than expected in March at 145k (cons 210k) with a small upward revision to Feb only marginally offsetting it (261k vs 242k prior).
- The size of the miss shouldn’t materially change expectations of private payrolls (cons 220k) although that’s not how Treasuries are trading it (2YY -5bps since the data for -6.5bps on the day). Over the prior six months, ADP has undershot private payrolls by an average -77k, biased lower by the -267k of Jan (with ADP more heavily weather-distorted).
- By industry, smallest businesses with 1-19 employees saw a second monthly increase after large declines through the winter whilst a previously large increase for the largest category (500+) was revised away and with only tepid growth in March.
- “Pay growth, after a three-month plateau, is inching down”… “For job stayers, Y/Y gains fell to 6.9% from 7.2% in February. Pay growth for job changers was 14.2%, down from 14.4%”.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok