MNI: Canada Has CAD2.9B Q1 Budget Deficit Vs Prior Surplus

CANADA Q2 ANNUALIZED GDP +2.1% VERSUS +1.7% EXPECTED

MNI China Daily Summary: Friday, Aug 30

MNI: US JUL PERSONAL INCOME +0.3%; NOM PCE +0.5%

MNI BRIEF: PBOC Bought Net CNY100 Billion CGBs In August

MNI BRIEF: China's Outstanding Mortgage Loans Fall Further

MNI: BAKER HUGHES US RIG COUNT 583; OIL RIGS 483; GAS RIGS 95

EZ/UK Bond Supply Calendar: UK, ESM Syndis; AS, DE Due Tuesday

MNI Chicago Report™: 27% Have Contingency Plans Due to Adverse Weather

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

US: Soft Payrolls Again At Odds With Strong Household Survey

DATA REACT
  • Even after sizeable prior revisions, weaker-than-expected payrolls growth was once again at odds with a strong household survey, with total payrolls +199k (cons 447k) vs household employment up +651k.
  • There was another large drop in the unemployment rate from 4.2% to 3.9% (cons 4.1%) on household employment strength.
  • The participation rate was unchanged after it was revised up a tenth to 61.9% as it slowly crawls back towards pre-covid levels. There was a similar story in prime age (25-54yr) participation too, also unchanged at an upward revised 81.9% and the highest post-Covid but still ~1ppt from the levels immediately prior.
  • In a sign of getting towards maximum employment, lower unemployment was met with even stronger wage growth. Average hourly earnings were up 0.61% M/M after 0.35% M/M (revised up a tenth on rounding).
  • There was reasonable dispersion across categories, with particularly large gains in utilities and information-based jobs after a weak Nov but it’s nevertheless a strong print.
  • There was a similar strength in the non-supervisory measure (the bottom 80% of employment), which continues to outstrip total wage growth with 0.68% M/M after 0.46% M/M.
BulletMarketsFixed Income BulletsForeign Exchange BulletsHomepage

To read the full story

Close

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.