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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 Dec jobs data was somewhat mixed. The jobless rate ticked down to 2.4% versus an expected 2.5% (2.5% was also the prior print). The job to applicant ratio ticked down though to 1.27, versus an expected 1.28 (1.28 was also the prior outcome).
- The dip in the unemployment rate is a little at odds with the fall in the job-to-applicant ratio, (see the chart below, note the job-to-applicant ratio is inverted on the chart). However, the dip in the unemployment rate was driven by a fall in the participation rate, down to 62.8% from 63.1% in Nov.
- The total labor force fell by 220k in Dec, versus a 300k rise in Nov. Employed people dipped -120k after a 260k rise m/m in Nov.
- In terms of job offers, there were up 0.2% m/m, while new job offers rose 3.0% m/m. This comes after falls in Nov in m/m terms. The y/y trend for both series remains negative though (-3.1% for job offers).
Fig 1: Japan Job-Less Rate & Job-To-Applicant Ratio (Inverted)
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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