# UBS On-Air: Paul Donovan Daily Audio 'Why work matters'

Page: https://stenobird.com/podcast/ubs-on-air-market-moves-2992243/ubs-on-air-paul-donovan-daily-audio-why-work-matters
Text version: https://stenobird.com/podcast/ubs-on-air-market-moves-2992243/ubs-on-air-paul-donovan-daily-audio-why-work-matters.md
Podcast: [UBS On-Air: Market Moves](https://stenobird.com/podcast/ubs-on-air-market-moves-2992243)
Published: 2026-06-05T07:18:00+00:00
Episode link: https://www.ubs.com/content/dam/podcasts/wma/260605-why-work-matters.mp3
Audio file: https://www.ubs.com/content/dam/podcasts/wma/260605-why-work-matters.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-why-work-matters
Duration seconds: 169

## Resource

The US employment report adds a rather unreliable narrative to the US labor market data. Expectations are for a dull report, with an unchanged unemployment rate and a sub-100,000 non-farm payrolls number. However, the range of estimates is particularly scattered. When job creation is this weak, the composition of the workforce may distort the average hourly earnings data without saying anything about wage growth.

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## Transcript

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