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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 likely eventual consequence of a rising supply-demand mismatch for labor as seen in today's JOLTS report (see 1352ET bullet) is rising employment costs. The quarterly Employment Cost Index - which is seen as one of, if not the, highest standard indicators of overall labor costs (JPM called it their "desert island" labor market indicator) - could be set to move sharply higher in the coming quarters.
- The JOLTS Quit Rate for Private Industries hit a record 3.1% in April, suggesting workers are comfortable leaving their current jobs in favor of other opportunities -and this is consistent with a rise in the ECI for private industries to well above 3% Y/Y (vs 2.8% in Q1). See chart below.
- This would mark levels not seen since the pre-GFC era, and provide further ammunition for those suggesting that the labor market may be tighter than it appears on the surface.
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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