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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 DATA
- The BLS today released its Quarterly Census of Employment and Wages (QCEW) for Q4, offering a more comprehensive estimate of total employment up to December.
- Whilst this release doesn’t directly impact estimates for preliminary benchmark revisions for payrolls (that will come with the 1Q24 report on Aug 21), some might use it to offer directional clues.
- QCEW employment was up 1.5% Y/Y in December vs 2.0% Y/Y in the current iteration of nonfarm payrolls employment in December.
- The two measures of employment were similar back in 2Q23 (June saw QCEW 2.5% vs NFP 2.4%) but a gap opened up in Q3 (Sept saw QCEW 1.5% vs NFP 1.9%).
- The softer employment growth in the QCEW is more in keeping with the-then-weakness in the household survey measure of employment, which has since weakened more notably.
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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