UBS On-Air: Paul Donovan Daily Audio 'Fewer jobs, few concerns'

The US announced that fewer jobs were created in the year to March than originally reported. The US still created lots of jobs, but probably around 300,000 fewer than first estimated. Given how much guesswork goes into US employment data these days, this is not a surprise. Middle income consumers still feel secure in their jobs, so they are not saving out of fear of future unemployment. The revisions imply slightly higher productivity and slightly lower labor costs.