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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 LABOR MARKET
We've just published our review of the May nonfarm payrolls report, including 23 sell side analysts' takes on the data. PDF HERE
- Nonfarm payrolls not only bounced back in May from a softer April, but exceeded even the highest expectations seen in MNI’s survey of analyst previews with gains of 272k (vs 180k expected).
- A very weak Household survey which conversely saw job losses of 408k and the unemployment rate unexpectedly tick up to 4.0% cast some doubt over the strength implied by the report.
- But the overall take was that the labor market was solid in May, given broad-based strength in the headline payrolls figure across the private sector and the acceleration in wage growth.
- The immediate implication of this report is to eliminate any lingering potential for a first Fed rate cut in July, with a couple of analysts pushing back their expectations to later in 2024.
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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