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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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Free AccessResilient ISM Service Activity Whilst Employment Falls On Supply
- ISM Services comes in stronger than expected as it only dips from 55.9 to 55.3 (cons 54.0) contrary to the large miss in last week’s manufacturing index, building on the upward revision seen in the final PMI just earlier.
- Reasonable details including business activity firming to 56.1 (+1.6) and new orders only falling 2pts to 55.6 compared to 6pt drop in manufacturing new orders into contraction for the first time since May’20.
- Of note ahead of payrolls, one of the weaker areas of the report was employment falling 2.8pts to 47.4, the lowest since Jul’20. Comments indicate it’s more down to supply constraints: “Unable to fill positions with qualified applicants” and “Extremely hard to find truck drivers.” “Demand for talent is higher, but availability of candidates to fill open roles continues to keep employment levels from increasing.”
- Combined with a smaller fall in job openings than expected in May from an upward revised April, Tsy yields have lurched higher, driving a sizeable bear flattening on the day with front end yields +8bps, 5Y +5.5bps and 10Y +5bps.
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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.