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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 OUTLOOK/OPINION
Today's JOLTS report showed another record number of U.S. job openings in June (10.07mn vs 9.27mn expected, 9.48mn revised prior), compared to just 6.7mn at the end of 2020.
- That compares to 8.7mn unemployed people in the July jobs report, and will provide further ammunition to those who see the labor market running tight despite an unemployment rate above 5% (St Louis Fed Pres Bostic has specifically cited this metric to make his case).
- This is likely to keep upside pressure on wages, which is how many Fed members say they are ultimately measuring the tightness of the labor market. The private sector quits rate rebounded to 3.0% vs 2.8% in May.
- While just off the April high of 3.1%, this has historically been a good barometer of worker compensation growth (see chart of ECI wages and salaries vs Quits) and suggests further upside wage inflation pressures.
Source: BLS, BEA, 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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