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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.
MACRO ANALYSIS
- The country breakdown within the Eurozone is notable, with Germany a clear standout as its unemployment rate has been steadily trending higher whereas other major countries are broadly at zero on a Sahm Rule basis [using seasonally adjusted Eurostat data for June for comparability].
- The above points show recent trends and don’t necessarily account for how tight labor markets were, both at the start of the pandemic or how tight they became last year.
- Nevertheless, compare latest values with both 2019 averages and long-term historical averages (covering the sovereign debt crisis for the Eurozone) and this German relative underperformance within Europe continues to be seen [see table].
- Compared with 2019 averages, Canada, US, Australia and Germany have all seen broadly similar increases of 0.4-0.7pps and with other countries still notably tighter.
- All of the above countries continue to see tighter labor markets than their long-term averages, although Canada and Germany have closed the gap the most.
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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