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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.
JAPAN DATA
Japan June labour market data showed an unexpected downtick in the unemployment rate. The rate dipped down to 2.5%, versus 2.6% expected (prior was 2.6%). We are now not too far off early 2023 lows at 2.40%. The June result was more impressive given the rise in the participation rate to 63.1% from 62.9%. The number of employed rose 190k, although this series can be volatile. The number of unemployed fell by 40k.
- The focus will be very much on if this translates into firmer wage pressures. June data on real and nominal cash earnings prints on August 8th.
- Other data showed a slight dip in the job to applicant ratio. This metric printed at 1.30 for June versus 1.32 expected and 1.31 prior. The higher the ratio the more job openings are relative to the number of applicants. End 2022 highs in this metric came in at 1.36.
- We may want to see a turn higher in this ratio to see the unemployment rate sustain lower levels, see the chart below of the jobless rate and job-to-applicant ratio, which is inverted on the chart.
Fig 1: Japan Jobless Rate & Job-To-Applicant Ratio
Source: MNI - Market News/Bloomberg
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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