UBS On-Air: Paul Donovan Daily Audio 'A tale of two employment reports'

Today, a group of people with English literature degrees will gush about data that people with economics degrees know to be wrong - it is US employment report Friday. Data shows there is no net job creation, or booming job creation. Job offers are high, but real wages are low. Markets obsess about average hourly earnings, which are not wages (the number of low skilled workers employed impacts the data - incidentally, members of Congress are being paid for this week).