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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 NFIB Small Business Optimism index dropped to the lowest since 2013 in June, at 89.5 - below the 92.5 consensus and 93.1 prior. All ten components of the index fell
- Pessimism is rife. A net negative 61% of small business owners expected business conditions to improve over the next 6 months. That's a record low (the survey is 48 years old).
- Unsurprisingly, high inflation was the underlying theme. 34% of business owners reported inflation as their "single biggest problem", up by 6 points vs May's reading and (like inflation readings themselves) the highest since 1980. The net percent raising average selling prices fell 3pp to 69%, but that's vs the highest reading in survey history in May.
- And while inflation is the single biggest problem, employment concerns remain elevated, in part supply-side driven (94% reported few/no qualified applicants for jobs they tried to fill in the previous month). But business owners with 3-month hiring plans fell by 7 pp to 19%, still elevated but well down from 30+% at the recent peak.
- A net 28% were planning to increase wage compensation, still historically high but slightly off the peak. This suggests that perhaps wage growth will begin to top out soon, at elevated levels.
Source: NFIB, MNI
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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