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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
- The Employment Cost Index came in softer than expected at 0.91% Q/Q non-annualized (cons 1.0 but had averaged 0.96 with the analyst range heavily concentrated between 0.9-1.0).
- It follows an unrevised 1.17% in Q1 and is back close to the 0.93% in Q4 that marked the softest quarterly print since 2Q21.
- For a cleaner read, the overall ECI was up 3.7% annualized after 4.8% in Q1 and 3.8% in Q4.
- Wages & salaries helped drive the moderation on the quarter, from 4.5% to 3.7% in what’s more clearly the softest quarter since 2Q21.
- The private sector offers a marginally softer take, with total costs rising 3.5% and with the wages & salaries component at 3.4%.
- The quarterly moderation aligns with that seen in the average hourly earnings data from the payrolls release, notable considering the pause in the Atlanta Fed’s wage tracker has limited the number of alternative wage metrics to look at.
- For a historical comparison, the overall ECI growth of 3.7% compares with an average 2.7% in 2019 but the 3.4% for private sector wages & salaries looks more favorable when compared to the 2019 average of 3.0%.
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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