00:00Look, it's maybe two different stories you could pay between an unemployment rate that was less than expected and jobs
00:05figures, payrolls that missed.
00:07Which sort of story are you following this morning?
00:12So, listen, I'm more concerned about, you know, last month, you know, people were, you know, tremendously excited about a
00:18big jobs number.
00:19But if you actually broke it down last month, you have 50, I think it was 54,000 jobs in
00:23state and local and we didn't really get anything this month.
00:26And then you had this huge bump in restaurants and bars.
00:30And then obviously that came off significantly, although I'm surprised it actually came off that much this month.
00:36I thought it would have taken another month or two for that to come off.
00:38But listen, I think that the hiring in the country is just OK.
00:42I mean, you know, I think it is. I think Mike McKee said it right.
00:45It's stable. It's OK. But you've got an economy that's growing at some pretty significant numbers.
00:50And the employment picture is just OK.
00:53I just don't think we are hiring that many people.
00:56And I was looking at some of the data earlier in the week, the challenger job cuts data.
00:59You had layoffs, I think, in tech of 443,000 jobs.
01:03That's up 83 percent year on year of increased cuts.
01:07So I think, you know, when you break it down and I look across industries, once again, health care is
01:14incredible.
01:14You mean, look at health care and education, 67,000 of the what was it, 57,000 jobs.
01:19It's all health care and education. And so anyway, I think the hiring is, you know, stable.
01:25But, you know, I would say broadly unimpressive.
01:29And, you know, in a woman's opinion, you know, that's part of why I don't really understand significant raises in
01:35interest rates relative to this.
01:38I think it's I think it's, you know, I think we're in an employment dynamic today that is just OK.
01:42And, you know, I'll say one thing about, you know, we you saw that, you know, the hiring, you know,
01:46maybe we don't have enough people because the labor force declined.
01:49But you've seen a persistent decline in average hourly earnings or wage or earnings data.
01:55And that doesn't suggest that companies are stressed about hiring people when you're seeing you're not really seeing any significant
02:01wage growth.
02:02So anyway, a woman's opinion, good economy, employment, just OK.
02:06OK.
