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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 upshot is that it suggests employment growth was softer than first thought in 1H22 (average 340k vs 395k prior) but then moderated notably less in 2H22 (272k vs 208k prior).
- For completeness, private payrolls currently sees those two figures as 438k for 1H22 and slowing to 263k in 2H22.
- Within the details, the unusually large -151k shedding of jobs at large firms in Dec was revised away to a 52k gain, followed by a 128k increase in Jan. However, that weather distortion appears to have a greater impact on smaller firms, with those with 1-19 employees seeing a 70k drop.
- Press release on revisions: “January's report presents the scheduled annual revision of the ADP National Employment Report, which updates the data series to be consistent with the annual Quarterly Census of Employment and Wages (QCEW) benchmark data for March 2022. In addition, this revision introduces some methodological changes, namely, in re-weighting of ADP data to match QCEW data, seasonal adjustment of weekly data instead of monthly data, and constructing the national aggregate from industry aggregates.”
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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