UBS On-Air: Paul Donovan Daily Audio 'Waging war on inflation'

It is US employment report Friday, which means economists will be tirelessly reiterating their monthly reminder that “average hourly earnings are not wages.” The increase in the number of people taking additional jobs to help overcome disastrously bad real wages will tend to lower average hourly earnings. However, as not all the job layoffs that have been announced have been implemented, the payrolls number may get some support.