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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
In shrugging off the weak April jobs report (and seeing more job creation momentum later in the year), St Louis Fed Pres Bullard in an MNI interview published late Monday remarked "Labor markets are tight. If you look at the unemployment-to-vacancies ratio it's one of the lowest readings we've seen and approaching the lows of the previous expansion."
- Bullard appears to be referring to the BLS metric "Number of unemployed persons per job opening" from the JOLTS release (see chart below), which is a metric of "substantial further progress" that is worth watching over the coming months.
- At 1.2 unemployed persons per each opening (on a seasonally-adjusted basis) in April, we're back at the March 2020 level and well off the 5.0 ratio in April 2020.
- However, when compared with the 0.8 low (last seen Feb 2020), labor markets are not as "tight" now as they were pre-pandemic, per Bullard's metric.
SOURCE: BLS
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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