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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
Today's JOLTS release for September is not what you would want to see if you were a dovish FOMC participant hoping to make the argument at the start of the 2-day meeting that the labor market was cooling off.
- September saw 10.7mln job openings, up from 10.3mln in August, with an upward revision to prior, and defying expectations of a fall below 10mln. That means a bounce back in the ratio of job openings to the number of unemployed: to 1.86 from 1.71 in August. Quits were unchanged from prior at 2.7%.
- Here's what Powell said in the last FOMC press conference (note that the evidence they had at that point was that July saw a 700k drop in job openings vs Jun, to the lowest since June 2021) :
- "so far there’s only modest evidence that the labor market is cooling off. Job openings are down a bit, as you know; quits are off their all-time highs; there’s some signs that some wage measures may be flattening out but not moving up; payroll gains have moderated but not much."
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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