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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.
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Free AccessMNI BRIEF: US Aug Payrolls Slow As Expected; Supply Improves
U.S. employers added 315,000 workers in August, slowing from the slightly downward revised 526,000 in July as markets expected, and the unemployment rate rebounded two-tenths to 3.7% as 786,000 people flowed into the workforce. S&P futures rose 0.6% on relief that the report wasn't stronger than expected, and the yield curve moved steeper on the data.
Wage growth also slowed to 0.3% from 0.5%, good news for Federal Reserve officials looking for signs that the labor market is coming off a boil. The FOMC is set to debate whether to hike by 0.75 pp for a third time later this month, with one more major piece of inflation data to come. (See: MNI INTERVIEW: Fed Likely To Hike Another 75BPs In Sept-Haslag)
Low labor supply, a major driver of labor market tightness, improved a bit in the month. The labor force participation rate increased 0.3 pp to 62.4% but remains 1.0 pp below the February 2020 level. The employment-to-population ratio was little changed at 60.1%, also 1.1pp below its February 2020 value.
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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.