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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.
EXECUTIVE SUMMARY
- Nonfarm payrolls growth was far stronger than expected in January, echoing the Jan’23 report which proved to be an outlier, in part on January seasonality amidst a tight labor market.
- Payrolls growth of 353k in Jan and strong revisions left three- and six-month averages of 289k and 248k.
- The unemployment rate was lower than expected, falling nearly a tenth but masked by rounding, and wage growth saw its strongest monthly increase in almost two years.
- This wage growth was however boosted significantly by a dramatic fall in hours worked, likely hindered by adverse weather but to be watched closely in February.
- Having followed Chair Powell on Wednesday warning against a March cut, markets now only fully price a first cut with the June FOMC.
PLEASE FIND THE FULL REPORT, INCLUDING VIEWS FROM 20 ANALYSTS, HERE:
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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