UBS On-Air: Paul Donovan Daily Audio '2023'

What lessons should we take into 2023? In a perfect world, where economists run everything, the words ‘don’t trust the data’ would be carved above every bank entrance. Investors have faith that data does what it says. It rarely does. Job vacancies do not record vacancies. Consumer prices are not a cost-of-living index. Goodness knows what non-farm payrolls are pretending to be. Ask yourself, who really answers surveys nowadays?