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 slightly beat expectations for August but was offset by a large two-month downward revision. Aside from known idiosyncratic drags, the industry breadth was the highest since Jan and there was a surprise uptick in hours worked but that’s where any hawkish aspects of the report end.
- Average hourly earnings were softer than expected, driven by the large non-supervisory category for its softest month since 2021, the unemployment rate increased by far more than analysts expected on a strong rise in participation and underemployment lifted notably.
- The report was seen as evidence of growing likelihood of a soft landing scenario, as further rate hikes continued to be priced out (now seen with cumulative +1.5bp for later this month and +10bp to a terminal in November) but also with modestly smaller cuts thereafter.
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