00:00The job market's been pretty strong. The source of strength is factory building and construction.
00:05We had really strong manufacturing and construction numbers. We think the manufacturing numbers are going through the roof
00:10because of all the new factories that are being built. So that signal wasn't countermanded in the data today.
00:16The thing that was a little bit of a puzzle is that we know that the World Cup is the
00:20most successful World Cup in history.
00:22And then the people who would be doing the travel and leisure support of all those fans who are in
00:27the country,
00:28somehow their employment went down. That doesn't make a lot of sense to us.
00:31But for the most part, the data are 100 percent consistent with what we view as a very strong economy.
00:37If you average the last two or three months, I guess the last four months, we've erred on the upside
00:43or surprised on the upside three out of the four months.
00:45And this one was a little bit below. But on average, we're basically headed straight up.
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