cover of episode UBS On-Air: Paul Donovan Daily Audio 'No recession, but possible resentment'

UBS On-Air: Paul Donovan Daily Audio 'No recession, but possible resentment'

2024/10/7
logo of podcast UBS On-Air: Market Moves

UBS On-Air: Market Moves

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Shownotes Transcript

The US employment report last week was wrong, because the data always is. However, the general direction of US employment signals an economy very far from “recession”. However, voters do not think about abstract concepts like GDP, have a distorted view of price levels, and believe that pay increases are due to them working harder. While the reality is people have a higher standard of living for the same amount of work, the perception is people are working harder to stand still.