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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
- Whilst the AHE beat was flattered by rounding, 0.36% M/M vs cons 0.3, multiple small upward revisions began to add up which meant the Y/Y printed 4.35% vs cons 4.2 for no progress from the 4.37% Y/Y in May.
- In the separate household survey, the unemployment rate fell from 3.65% to 3.57%, which whilst as expected at a rounded level did push back against a non-trivial number of analysts forecasting 3.7%.
- It moved back closer to April’s multi-decade low of 3.39% rather than in the direction of the median FOMC projection of 4.1% for 4Q23, itself revised down from 4.5% at the March round.
- The decline came as household employment bounced 273k after last month’s -310k, against a backdrop of the labor force increasing 130k in each of the last two months.
- However, the U6 underemployment rate offered a more dovish take, rising 0.2pts to 6.9% for its highest since August from a notable 452k increase in the number of part-time workers for economic reasons, the sharpest since Aug’19 when looking outside of two months of the pandemic.
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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