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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 jobs data showed a slight downtick in the unemployment rate to 2.5%, from 2.6% prior, while the consensus forecast was also 2.6%. The job to applicant ratio was 1.23, versus 1.24 forecast (prior was also 1.24).
- In terms of the detail, the number people employed rose +250k m/m, following last month's 100k rise. This reverses the negative trend seen through March-April.
- The participation rate also firmed to 63.7%, a fresh cycle high.
- Still, the downtick in the new-job-to-applicant ratio was less positive. The chart below shows this index inverted against the unemployment rate.
- This is fresh lows in the job to applicant ratio back to early 2022. It suggests some caution around the better jobless rate data.
- In terms of the detail, total applicants rose 0.6%m/m, but job offers fell 0.1%m/m. These trends were replicated in y/y terms. Job offers were -4.4% y/y.
Fig 1: Japan Unemployment Rate Edges Down, Defying Lower Job To Applicant Ratio (Inverted)
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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