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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.
MARKET INSIGHT
- Job openings caught the headlines in last week’s JOLTS report, surprisingly narrowing from 11.17mln to 10.05mln in August.
- This pushed the ratio of openings to unemployed down three tenths from cycle highs to 1.67, although there is still a very large mismatch with some 4mln excess openings. Indeed Chicago Fed’s Evans (’23 voter) said today that the JOLTS data go in the right direction but vacancies are still high.
- Quit rates on the other hand, paused their decline with the private sector rate hovering at 3.0%, having cooled most recently from 3.3% in March and an outright high of 3.4% in Nov’22, but still 0.5%pts above pre-pandemic highs.
- These quit rates better coordinate with wage growth and, whilst they can act with a sizeable lag, indicate what could be a potential peak in wage growth, with the ECI increasing 5.4% annualized in 1H22 and at 5.1% Y/Y in Q2. The Q3 report on Oct 28 will be closely watched.
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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