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Podcast: UBS On-Air: Market Moves
Episode: UBS On-Air: Paul Donovan Daily Audio 'Payrolls without precision'
Description: US August employment data is due. Falling survey response rates, rising complexity, and less funding for data collection have caused data quality to deteriorate. A range of indicators signal a weaker labor market, without causing middle-income US consumers to weaken much. Federal Reserve Chair Powell’s data dependency focus means a rogue number might deter a US rate cut, but markets assume the narrative of economic weakness takes priority.