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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
Looking at today's August JOLTS report: the -659k is the biggest drop in job openings since April 2020. The ratio of job openings to unemployed Americans had risen in each of the first 7 months of 2021 (from 0.70 in Jan to an all-time high 1.28 job openings / unemployed person in July - so, more job openings than unemployed).
- August saw "just" 1.25 openings per unemployed (8.38mn unemployed, 10.439mn openings).- Still, the number of unemployed dropped 700k in the September payrolls report, so job openings would have to decline even more sharply than in August for the ratio to fall further.
- Furthermore, the Quits rate continued to rise (to a new series high of 2.9% from 2.7% in Jul and Jun), with leisure and hospitality and retail job quits rates soaring.
- So while job openings may be past their peak, today's JOLTS report suggests that demand for labor remains very strong, and prospective workers continue to have significant bargaining power - i.e. inflationary for wages.
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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