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UBS On-Air: Paul Donovan Daily Audio 'Dullness, and bias'
Published 1 year ago
Description
US employment report Friday brings the regular reminder that average earnings are not wages (changing labor force structures change the average). The payrolls number is derived from a survey that has a 43% response rate, and that poor representation means significant revisions are much more likely. The market is looking for a fairly dull report overall—some moderation in job creation with a stable unemployment rate.