Global Data Watch Weekender: Some signal, a lot of noise

There are significant elements of noise in this week’s key reports but we feel there is enough signal in these readings to increase confidence that recoupling is taking hold that lifts hiring this quarter even as consumer spending slows. US inflation data follows a similar pattern, with the underlying signal pointing to somewhat less firming than incorporated in our forecast. Speakers:  Bruce Kasman Joseph Lupton   This podcast was recorded on February 13, 2026. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2026 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party.