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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
- The December payrolls report kicked off the major macro calendar for 2024 although continued a 2023 theme with a stronger than expected print offset by downward two-month revisions.
- Other areas of the report were generally stronger than expected although the surprises seen on the screen had slightly softer details.
- In two of the more hawkish aspects of the report, the unemployment rate surprised lower amidst continued large volatility in the household survey, which included a sharp downtick in participation, whilst average hourly earnings growth surprised stronger.
- In particular, the unemployment rate held at 3.74% (cons 3.8) after the annual revision to the seasonal factors behind the household survey data left a fractionally hawkish tilt to recent months.
- It followed 3.72% in Nov (initial 3.74%) and 3.84% in Oct (initial 3.88%), meaning the Sahm rule was marginally further away from triggering, at 0.28pps vs the 0.5pp that has historically been consistent with a recession.
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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