The  global expansion is now tracking a strong 3Q outturn, led by a robust increase in the US. The contrast of this strength with a near-stall in global employment is striking. Strong wealth gains and a falling saving rate are supporting consumer spending for now. But labor income growth is softening broadly, and is set to take a sharp leg down next quarter in the US. Absent a bounce back in hiring, the expansion will be on shaky ground.   This podcast was recorded on September 26, 2025. This communication is provided for information purposes only. Institutional clients please visit www.jpmm.com/research/disclosures for important disclosures. © 2025 JPMorgan Chase & Co. All rights reserved. This material or any portion hereof may not be reprinted, sold or redistributed without the written consent of J.P. Morgan. It is strictly prohibited to use or share without prior written consent from J.P. Morgan any research material received from J.P. Morgan or an authorized third-party (“J.P. Morgan Data”) in any third-party artificial intelligence (“AI”) systems or models when such J.P. Morgan Data is accessible by a third-party. It is permissible to use J.P. Morgan Data for internal business purposes only in an AI system or model that protects the confidentiality of J.P. Morgan Data so as to prevent any and all access to or use of such J.P. Morgan Data by any third-party.