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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.
DATA REACT
May ISM Employment misses (50.9 vs 54.6 expected) - the weakest figure in that subcategory since November 2020 and a sharp dropoff from 55.1 in April.
- This aspect was particularly closely watched ahead of Friday's employment report, and likely explains the initial disappointing reaction to an otherwise higher-than-expected overall ISM reading.
- Reading through the anecdotes, seeing a lot of supply-side labor issues: "difficulty finding workers"... "lack of qualified candidates"..."labor shortages impacting internal and supplier production"... "business is good, but labor and raw materials are becoming very problematic"... "very busy, but still experiencing labor shortages".
- Here's what the ISM release says on employment: "Of the six big manufacturing sectors, only two (Fabricated Metal Products; and Food, Beverage & Tobacco Products) expanded. Continued strong new-order levels, low customer inventories and expanding backlogs continue to indicate employment strength; however, survey panelists' companies continue to struggle to meet labor-management plans. Panelists' comments indicate an overwhelming majority of their companies are hiring or attempting to hire, with more than 50 percent of them expressing difficulty in doing so"
Source: ISM
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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