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.
U.S. employment showed a "moderate increase" in February while the pace of moderation on wage growth has slowed, according to a St. Louis Fed analysis of real-time data from employee scheduling software provider Homebase, bank economist Max Dvorkin told MNI.
The St. Louis Fed's Coincident Employment Index predicts a seasonally adjusted 234,000 increase in the number of employed people last month, down from 580,000 in January. The unadjusted employment growth for February is around 1 million. These figures correspond to the Bureau of Labor Statistic's household survey.
The CEI for January "pointed to an important increase in employment suggesting a positive surprise in employment growth relative to market expectations, which was ultimately reflected in the data," Dvorkin said. "For February, the coincident employment index shows a moderate increase once seasonality is taken into account," he said.
Meanwhile, his analysis of high frequency U.S. pay data collected by Homebase shows wage inflation is lower than last year, but "the pace of moderation has slowed down when compared to the evolution since mid-2022."
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.