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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
- ADP employment growth was significantly higher than expected in June at 497k (cons 225k) after a marginally downward revised 267k (initial 278k). It’s the highest ADP print since Feb’22.
- Whilst the recent history hasn’t provided a consistent directional indication for private payrolls (ADP an average +2k higher in prior three months but -48k in three months before that), the magnitude of the beat will clearly lift expectations for tomorrow’s payrolls report – current consensus 200k for private.
- Jobs growth on the other hand eased further in Y/Y terms, again with greater moderation in job changers (11.2% Y/Y from 12.1% vs peak of 16.4% in Jun’22). The moderation in job stayers median pay growth is much shallower, at 6.4% from 6.6% in May, peak of 7.8% in Sep’22.
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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