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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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Ahead of Friday's nonfarm payrolls figure, October's ISM Services employment numbers were always going to get some outsized attention.
- At 49.1, the subgauge slipped below 50 for the first time in 3 months and was down from 53 prior.
- That might help bias down expectations for Friday's NFPs at the margins. But worth considering that the reading has now been below 50 for 5 of the 10 months of 2022, and it hasn't been a bad year for jobs growth.
- Most of the weakness this year has been due to lack of (qualified) supply, though there may be some cracks appearing on the demand side. In this survey, worth noting "There are still challenges in hiring qualified workers, and due to uncertainty regarding economic conditions, some companies are holding off on backfilling open positions."
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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