The writer is the Rene M Kern professor of practice at Wharton School, chief economic adviser at Allianz and chair of Gramercy Funds Management
Don’t be fooled. Last week’s better than expected US jobs report is likely to prove a head fake when assessing the divergence in the US between a cooling labour market and the country’s strong GDP growth.
This trend is likely to prove more unsettling than prior episodes of “jobless growth”. Driven by a mix of the impact of AI, post-pandemic structural employment shifts, and unusual general policy uncertainty, it could well prove longer and more consequential than its predecessors.
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