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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.
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Free AccessJPM: Softer On Payrolls But U/E Rate Seen Beating
- JPM see payroll growth of 150k in Nov (cons. 200k), expecting the moderation to continue as have seen a variety of different labour market indicators soften in recent months
- There also have been a variety of news reports related to layoffs in recent weeks, and while layoffs have not increased in a big way according to the main related indicators that we track yet, we think news of layoffs is suggestive of a cooling labor market.
- AHE seen rising 0.3% M/M and 4.6% Y/Y as labour market conditions remain fairly tight, along with the work week holding steady to push aggregate hours up 0.1% M/M.
- However, despite the below consensus view on payrolls growth, they see the u/e rate falling a tenth to 3.6% (cons. 3.7%) as household employment bounces, with participation and employment-population rates unchanged.
To read the full story
Sign up now for free trial access to this content.
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.