UBS On-Air: Paul Donovan Daily Audio 'Dullness, and bias'

US employment report Friday brings the regular reminder that average earnings are not wages (changing labor force structures change the average). The payrolls number is derived from a survey that has a 43% response rate, and that poor representation means significant revisions are much more likely. The market is looking for a fairly dull report overall—some moderation in job creation with a stable unemployment rate.