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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 May JOLTS data (taken in conjunction with May's employment report) the showed that the number of job openings per unemployed American fell from 1.97 to 1.89 from April to May; that's off from the peak of 1.99 set in March.
- If that pace of decline in the ratio continues, the series will be back to the pre-pandemic 1.2 jobs/unemployed ratio by Q1 2023, reaching 1/1 by May. In which case, the labor market would be closer to "better balanced" (in Fed Chair Powell's words) by early/mid next year.
- A more likely scenario is that the pace of decline will accelerate, both due to rising unemployment and a continued fall in job openings - thereby bringing that "balance" forward more quickly.
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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