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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.
CANADA DATA
- The labor productivity report showed details the BOC wouldn’t have wanted to see just hours before its decision at 1000ET with markets pricing a 50/50 decision.
- Declines in labor productivity accelerated in Q1 to -0.6% non-annualized from -0.5% in Q4 for its fastest quarterly contraction since 3Q21, whilst hourly compensation increased +0.7% Q/Q. There isn't a consensus but Scotia had looked for -0.4% for productivity.
- The combination saw Unit Labor Costs rise another 1.27% Q/Q in Q1 - or 5.2% annualized - after 1.03% in Q4 (revised down from 1.10%) for its strongest since 2Q22.
- The April MPR noted that “Over time, monetary policy tightening is anticipated to reduce demand for services, soften employment and better align growth in labour costs with productivity”, but there wasn’t any sign of the latter in Q1 at least.
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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