# UBS On-Air: Paul Donovan Daily Audio 'Trust the trends'

Page: https://stenobird.com/podcast/ubs-on-air-market-moves-2992243/ubs-on-air-paul-donovan-daily-audio-trust-the-trends
Text version: https://stenobird.com/podcast/ubs-on-air-market-moves-2992243/ubs-on-air-paul-donovan-daily-audio-trust-the-trends.md
Podcast: [UBS On-Air: Market Moves](https://stenobird.com/podcast/ubs-on-air-market-moves-2992243)
Published: 2026-07-03T07:10:00+00:00
Episode link: https://www.ubs.com/content/dam/podcasts/wma/260703-trust-the-trends.mp3
Audio file: https://www.ubs.com/content/dam/podcasts/wma/260703-trust-the-trends.mp3
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JSON: https://stenobird.com/v1/public/podcasts/ubs-on-air-market-moves-2992243/episodes/ubs-on-air-paul-donovan-daily-audio-trust-the-trends
Duration seconds: 137

## Resource

The US employment report was a convenient reminder not to put too much emphasis onto a single unreliable data release. There were notable revisions, and the details showed swings in seasonal adjustments moving the figures in a rather maladjusted manner. The trends are still the same. In an uncertain policy environment, companies seem reluctant to hire, but are also not rushing to fire. The labor market situation does not make rate cuts urgent, but this plus the use of savings to pay for tariffs and gasoline prices does add some fragility to the US consumer.

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## Transcript

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