Morning Macro 3 March 2017

On this Morning Macro episode: US Labour market statistics, musings on artificial intelligence, automation and labour, as well as an insight into sovereign wealth funds in general and the Norwegian Sovereign Wealth fund in particular.

Toby Nangle from Columbia Threadneedle Investments spoke to Sigrún about US Labour Market data, out this week, where wage earners are finally getting the upper hand: there is finally some upward pressure with unemployment below 5%. Toby also peered into the future musing on a BankUnderground blog, the Bank of England staff blog, where two BoE economists wondered if economists should be concerned about the effect of artificial intelligence on Labour. Toby rather takes the view that new types of jobs will be created as others disappear because of automation.

Tom spoke to Sony Kapoor director of the think tank Re-Define about the Norwegian Sovereign Wealth Fund that Sony has been advising. The first part of that interview was on Morning Macro last Tue., 28 February. The fund has some management issues and there is an in-built risk aversion to investing in anything that might possibly lead to bad publicity for the fund. The interview with Sony not only throws light on the NSWF but he also compares the Fund to other sovereign wealth funds, a world we don’t hear too much about although these funds are big players in international investments.

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