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UBS On-Air: Paul Donovan Daily Audio 'The great US consumer'
Published 3 weeks, 3 days ago
Description
The US labor market remains the critical driver of the US economy. In 2025, US consumers spent more and saved less of their income to afford tariffs. That requires job security. The US labor market is not strong enough to create significant pay pressures—we are very, very far from 1973—but is good enough to give consumers the confidence to spend.