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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
- ADP employment came in notably stronger than expected in December, rising 235k (cons 150k) from an upward revised 182k (initial 127k).
- The press release notes the discrepancy by industry, something seen in yesterday’s JOLTS quit rates for Nov: "The labor market is strong but fragmented, with hiring varying sharply by industry and establishment size. Business segments that hired aggressively in 1H22 have slowed hiring and in some cases cut jobs in the last month of the year"
- Indeed, companies with greater than 500+ employees saw employment fall by -151k, which outside of Apr’20’s -250k is the largest decline since the new data is available back to 2010.
- That said, this segment with 9.1M employees is much smaller than the 46M in the 50-249 category, which bounced from -81k in Nov back to +159k. Further bounces in other smaller firms drove the overall increase reported. The data only starting in 2010 prevent a better understanding of whether large industries lead ahead of employment contractions, but the outright decline is nevertheless notable amongst an otherwise strong report.
- Measures of wage growth meanwhile rolled over slightly further in Y/Y terms but remained very strong, with job changers easing from 15.7 to 15.2% Y/Y and job stayers from 7.6% to 7.3% Y/Y.
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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