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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.
US DATA
Very large revisions to Unit Labor Costs published by the BLS today make the past 2 quarters look less worrisome from an inflation perspective. From the BLS report:
- For Q4 2022: Hourly compensation was revised down from the previously reported increase of 4.9 percent to a decrease of 0.7 percent, due entirely to a downward revision to compensation. (Productivity estimate was unchanged.)
- For Q1 2023: Unit labor costs increased 4.2 percent rather than increasing 6.3 percent as previously reported, reflecting a 1.3-percentage point downward revision to hourly compensation and a 0.6-percentage point upward revision to labor productivity.
- See chart below for current estimates of ULCs and pre-revisions.
ULCs for Nonfarm BusinessSource: BLS, BBG, MNI
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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