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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
- The S&P Global preliminary PMIs were mixed in August.
- Manufacturing surprises lower at 48.0 (cons 49.5) after 49.6 whilst services surprised higher with a mild increase to 55.2 (cons 54.0) after 54.3.
- The beat for services, with its much larger weight, would ordinarily drive the market reaction but there was softness in some key areas within the report.
- Most notably with the labor market increasingly in focus: “Employment fell in August, dropping for the first time in three months. Net job losses have now been reported in three of the past five months, marking the softest spell of payroll growth since the first half of 2020. A renewed fall in service sector jobs after two months of job gains was accompanied by a near-stalling of employment growth in the manufacturing sector, which posted the smallest payroll gain since January.”
- However, within services, falling employment “largely reflected difficulties hiring staff and replacing leavers” in a sign of still some tightness.
- Price components meanwhile showed a further moderation in prices charged despite sustained upward pressure on input prices in further signs of reduced pricing power. “Average prices charged for goods and services rose at the slowest rate since June 2020 barring only the recent dip seen in January. The rate of inflation is now only marginally above the average recorded in the decade prior to the pandemic.”
- Full press release here.
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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