Free Trial
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 a little softer than expected in October, but with a larger miss for private payrolls and with large two month downward revisions.
- AHE growth surprised lower, offset by sizeable upward revisions but with an unexpected decline in average hours worked back to recent lows.
- Further, a particularly large decline in household employment saw the unemployment rate surprisingly rise further to 3.9%, with multiple analysts noting the step closer to trigger Claudia Sahm’s recession rule.
- Additional rate hikes are now seen with an extremely high bar (just a cumulative 3bp priced for the next two meetings) with circa 100bps of cuts priced for 2024 from 84bps before the data.
- This should set the major macro tone until CPI on Nov 14, but first the SLOOS on Nov 6 which some expect to be notably weak after Chair Powell leaned dovish at the FOMC press conference on Nov 1.
PLEASE FIND THE FULL REPORT 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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok