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Jakobsen: What the markets are missing
The markets are missing something big, according to Saxo Bank's Chief Economist, Steen Jakobsen. He points to the Federal Reserve's growth forecast which is significantly higher than that of the private sector. One of the two is clearly wrong and Steen believes it's the Fed which will have to reduce its targets.
It's true that jobs are being created in America but the quality of those jobs is causing concern. There are too many low paid and temporary jobs, according to Steen. He says it's highly significant that the second biggest employer in the US is Kelly Services, a temp agency. Often, those jobs are poorly paid and being filled by people who are overly qualified.
Steen says the green shoots of a recovery are just that, shoots. He says America's economic future is still very bleak.
01:33 minutes
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