UBS On-Air: Paul Donovan Daily Audio 'Getting it wrong'
UBS On-Air: Market Moves · Podcast owner
August 21, 20242m 14s
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Show Notes
The US will be revising last year’s non-farm payrolls data. Markets have a heightened interest in the labor market, and these revisions are likely to be negative. However, this does not change anything about the economy. Making payrolls marginally less inaccurate is about spin, not substance. Consumers have been spending this year based on the labor market they experience, not the labour market that was reported.