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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
Today's JOLTS report showed a large upside surprise in job openings in April (9.286M, a million more than expected and comfortably the highest of all-time).
- This will lend some credence to the notion that the recent disappointing nonfarm payrolls reports don't fully capture the strength of the rebound in the labor market - and that the economy is facing a supply rather than a demand problem.
- St Louis Fed Pres Bullard may well be bringing the chart below from the JOLTS report to the FOMC table next week, as he has claimed (including in an MNI Interview last month) the "unemployed-to-job opening" ratio is indicative of a much tighter labor market than headline unemployment stats would suggest.
- By this metric (1.1 unemployed people per opening), the labor market's getting close to as "tight" as it was pre-COVID (0.8 in Feb 2020), and below the pre-GFC lows (1.4).
Source: BLS, 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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