Ambrose Evans-Pritchard reports on the Ambrosetti conference at Lake Como, where Nouriel Roubini made the remark:
Dr Roubini said US companies have plenty of cash but are boosting profits by a policy of “slash and burn” on labour costs. “We’ve lost 8.4m jobs and if you include the loss of hours worked it is equivalent to another 3m. We need to generate an extra 450,000 jobs every month for three years to get it back,” he said.
