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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 and with a rare upward revision to boot, but the more volatile household survey of employment slumped for the largest discrepancy since Apr 2020.
- The latter meant a surprise increase in the unemployment rate off multi-decade lows, although it still has some way to go to reach the existing FOMC projections for end-2023 (updated with June FOMC).
- Particularly strong prior AHE growth was revised lower but underlying measures continued to show no sign of abating, whilst hours worked are now looking low even for pre-pandemic levels.
- The mixed report didn’t alter the recently adopted skip narrative for the Jun 13-14 FOMC, yet the sheer strength of payrolls trimmed rate cuts and Tsys bear flattened. CPI on June 13 looms on the horizon.
Please find the full report here including summaries from 18 sellside analysts:
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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