WEBVTT #Elemental Media Engine(TM) 2.17.1.0 00:00:01.034 --> 00:00:03.103 DOW 00:00:03.103 --> 00:00:03.503 DOW UP 00:00:03.503 --> 00:00:04.571 DOW UP 425 00:00:04.571 --> 00:00:05.071 DOW UP 425 S&P 00:00:05.071 --> 00:00:05.105 DOW UP 425 S&P 4258 00:00:05.105 --> 00:00:05.205 S&P 4258 00:00:05.205 --> 00:00:05.772 S&P 4258 A 00:00:05.772 --> 00:00:05.872 S&P 4258 A COUPLE 00:00:05.872 --> 00:00:06.406 S&P 4258 A COUPLE POINTS 00:00:06.406 --> 00:00:06.473 S&P 4258 A COUPLE POINTS SHY 00:00:06.473 --> 00:00:07.374 S&P 4258 A COUPLE POINTS SHY OF 00:00:07.374 --> 00:00:07.407 S&P 4258 A COUPLE POINTS SHY OF THE 00:00:07.407 --> 00:00:08.008 A COUPLE POINTS SHY OF THE 00:00:08.008 --> 00:00:08.274 A COUPLE POINTS SHY OF THE INTRADAY 00:00:08.274 --> 00:00:08.308 A COUPLE POINTS SHY OF THE INTRADAY HIGH. 00:00:08.308 --> 00:00:08.408 INTRADAY HIGH. 00:00:08.408 --> 00:00:08.708 INTRADAY HIGH. 29 00:00:08.708 --> 00:00:10.510 INTRADAY HIGH. 29 STRAIGHT 00:00:10.510 --> 00:00:10.543 INTRADAY HIGH. 29 STRAIGHT MONTHS 00:00:10.543 --> 00:00:10.710 INTRADAY HIGH. 29 STRAIGHT MONTHS OF 00:00:10.710 --> 00:00:10.744 INTRADAY HIGH. 29 STRAIGHT MONTHS OF STRONG 00:00:10.744 --> 00:00:10.910 29 STRAIGHT MONTHS OF STRONG 00:00:10.910 --> 00:00:11.011 29 STRAIGHT MONTHS OF STRONG GROWTH 00:00:11.011 --> 00:00:11.277 29 STRAIGHT MONTHS OF STRONG GROWTH AHEAD 00:00:11.277 --> 00:00:11.978 29 STRAIGHT MONTHS OF STRONG GROWTH AHEAD OF 00:00:11.978 --> 00:00:12.312 29 STRAIGHT MONTHS OF STRONG GROWTH AHEAD OF CONSENSUS 00:00:12.312 --> 00:00:13.046 29 STRAIGHT MONTHS OF STRONG GROWTH AHEAD OF CONSENSUS FOR 00:00:13.046 --> 00:00:13.079 29 STRAIGHT MONTHS OF STRONG GROWTH AHEAD OF CONSENSUS FOR 14 00:00:13.079 --> 00:00:13.279 GROWTH AHEAD OF CONSENSUS FOR 14 00:00:13.279 --> 00:00:13.480 GROWTH AHEAD OF CONSENSUS FOR 14 STRAIGHT 00:00:13.480 --> 00:00:13.513 GROWTH AHEAD OF CONSENSUS FOR 14 STRAIGHT MONTHS. 00:00:13.513 --> 00:00:13.680 STRAIGHT MONTHS. 00:00:13.680 --> 00:00:13.747 STRAIGHT MONTHS. JOINING 00:00:13.747 --> 00:00:14.047 STRAIGHT MONTHS. JOINING US 00:00:14.047 --> 00:00:15.015 STRAIGHT MONTHS. JOINING US AT 00:00:15.015 --> 00:00:15.115 STRAIGHT MONTHS. JOINING US AT POST 00:00:15.115 --> 00:00:15.682 STRAIGHT MONTHS. JOINING US AT POST NINE, 00:00:15.682 --> 00:00:15.715 STRAIGHT MONTHS. JOINING US AT POST NINE, CHIEF 00:00:15.715 --> 00:00:15.915 JOINING US AT POST NINE, CHIEF 00:00:15.915 --> 00:00:16.116 JOINING US AT POST NINE, CHIEF ECONOMIST 00:00:16.116 --> 00:00:16.516 JOINING US AT POST NINE, CHIEF ECONOMIST HEAD 00:00:16.516 --> 00:00:17.217 JOINING US AT POST NINE, CHIEF ECONOMIST HEAD OF 00:00:17.217 --> 00:00:17.250 JOINING US AT POST NINE, CHIEF ECONOMIST HEAD OF GLOBAL 00:00:17.250 --> 00:00:17.450 ECONOMIST HEAD OF GLOBAL 00:00:17.450 --> 00:00:17.984 ECONOMIST HEAD OF GLOBAL RESEARCH 00:00:17.984 --> 00:00:18.284 ECONOMIST HEAD OF GLOBAL RESEARCH JAN 00:00:18.284 --> 00:00:18.318 ECONOMIST HEAD OF GLOBAL RESEARCH JAN HATZIUS 00:00:18.318 --> 00:00:18.451 RESEARCH JAN HATZIUS 00:00:18.451 --> 00:00:18.618 RESEARCH JAN HATZIUS GREAT 00:00:18.618 --> 00:00:18.752 RESEARCH JAN HATZIUS GREAT TO 00:00:18.752 --> 00:00:19.052 RESEARCH JAN HATZIUS GREAT TO HAVE 00:00:19.052 --> 00:00:19.853 RESEARCH JAN HATZIUS GREAT TO HAVE YOU 00:00:19.853 --> 00:00:19.886 RESEARCH JAN HATZIUS GREAT TO HAVE YOU BACK 00:00:19.886 --> 00:00:20.020 GREAT TO HAVE YOU BACK 00:00:20.020 --> 00:00:20.053 GREAT TO HAVE YOU BACK HERE 00:00:20.053 --> 00:00:20.153 GREAT TO HAVE YOU BACK HERE WE 00:00:20.153 --> 00:00:20.920 GREAT TO HAVE YOU BACK HERE WE ARE 00:00:20.920 --> 00:00:21.021 GREAT TO HAVE YOU BACK HERE WE ARE AGAIN 00:00:21.021 --> 00:00:21.654 GREAT TO HAVE YOU BACK HERE WE ARE AGAIN SORT 00:00:21.654 --> 00:00:23.823 GREAT TO HAVE YOU BACK HERE WE ARE AGAIN SORT OF 00:00:23.823 --> 00:00:23.857 GREAT TO HAVE YOU BACK HERE WE ARE AGAIN SORT OF TRYING 00:00:23.857 --> 00:00:23.957 HERE WE ARE AGAIN SORT OF TRYING 00:00:23.957 --> 00:00:24.057 HERE WE ARE AGAIN SORT OF TRYING TO 00:00:24.057 --> 00:00:24.190 HERE WE ARE AGAIN SORT OF TRYING TO DECIDE 00:00:24.190 --> 00:00:24.424 HERE WE ARE AGAIN SORT OF TRYING TO DECIDE SURVEY, 00:00:24.424 --> 00:00:24.958 HERE WE ARE AGAIN SORT OF TRYING TO DECIDE SURVEY, HOUSEHOLD 00:00:24.958 --> 00:00:25.258 TO DECIDE SURVEY, HOUSEHOLD 00:00:25.258 --> 00:00:25.291 TO DECIDE SURVEY, HOUSEHOLD ESTABLISHMENT. 00:00:25.291 --> 00:00:25.425 ESTABLISHMENT. 00:00:25.425 --> 00:00:25.558 ESTABLISHMENT. THERE 00:00:25.558 --> 00:00:25.725 ESTABLISHMENT. THERE IS 00:00:25.725 --> 00:00:25.959 ESTABLISHMENT. THERE IS CONFUSION 00:00:25.959 --> 00:00:26.393 ESTABLISHMENT. THERE IS CONFUSION THIS 00:00:26.393 --> 00:00:26.860 ESTABLISHMENT. THERE IS CONFUSION THIS MONTH 00:00:26.860 --> 00:00:26.893 ESTABLISHMENT. THERE IS CONFUSION THIS MONTH OR 00:00:26.893 --> 00:00:27.293 THERE IS CONFUSION THIS MONTH OR 00:00:27.293 --> 00:00:27.327 THERE IS CONFUSION THIS MONTH OR NOT? 00:00:27.327 --> 00:00:27.427 NOT? 00:00:27.427 --> 00:00:27.527 NOT? IS 00:00:27.527 --> 00:00:27.961 NOT? IS THE 00:00:27.961 --> 00:00:28.094 NOT? IS THE DIRECTION 00:00:28.094 --> 00:00:28.194 NOT? IS THE DIRECTION CLEAR 00:00:28.194 --> 00:00:28.595 IS THE DIRECTION CLEAR 00:00:28.595 --> 00:00:28.895 IS THE DIRECTION CLEAR >> 00:00:28.895 --> 00:00:29.129 IS THE DIRECTION CLEAR >> IT'S 00:00:29.129 --> 00:00:29.729 IS THE DIRECTION CLEAR >> IT'S A 00:00:29.729 --> 00:00:29.996 IS THE DIRECTION CLEAR >> IT'S A BIT 00:00:29.996 --> 00:00:30.530 IS THE DIRECTION CLEAR >> IT'S A BIT NOISIER 00:00:30.530 --> 00:00:30.563 IS THE DIRECTION CLEAR >> IT'S A BIT NOISIER THAN 00:00:30.563 --> 00:00:30.730 >> IT'S A BIT NOISIER THAN 00:00:30.730 --> 00:00:30.764 >> IT'S A BIT NOISIER THAN NORMAL 00:00:30.764 --> 00:00:30.864 >> IT'S A BIT NOISIER THAN NORMAL I 00:00:30.864 --> 00:00:30.964 >> IT'S A BIT NOISIER THAN NORMAL I WOULD 00:00:30.964 --> 00:00:31.264 >> IT'S A BIT NOISIER THAN NORMAL I WOULD SAY 00:00:31.264 --> 00:00:31.931 >> IT'S A BIT NOISIER THAN NORMAL I WOULD SAY BECAUSE 00:00:31.931 --> 00:00:31.965 >> IT'S A BIT NOISIER THAN NORMAL I WOULD SAY BECAUSE YOU 00:00:31.965 --> 00:00:32.065 NORMAL I WOULD SAY BECAUSE YOU 00:00:32.065 --> 00:00:32.365 NORMAL I WOULD SAY BECAUSE YOU HAD 00:00:32.365 --> 00:00:32.432 NORMAL I WOULD SAY BECAUSE YOU HAD A 00:00:32.432 --> 00:00:32.599 NORMAL I WOULD SAY BECAUSE YOU HAD A LOT 00:00:32.599 --> 00:00:33.033 NORMAL I WOULD SAY BECAUSE YOU HAD A LOT OF 00:00:33.033 --> 00:00:33.099 NORMAL I WOULD SAY BECAUSE YOU HAD A LOT OF STRENGTH 00:00:33.099 --> 00:00:33.600 NORMAL I WOULD SAY BECAUSE YOU HAD A LOT OF STRENGTH IN 00:00:33.600 --> 00:00:33.633 NORMAL I WOULD SAY BECAUSE YOU HAD A LOT OF STRENGTH IN THE 00:00:33.633 --> 00:00:33.900 HAD A LOT OF STRENGTH IN THE 00:00:33.900 --> 00:00:34.034 HAD A LOT OF STRENGTH IN THE ESTABLISHMENT 00:00:34.034 --> 00:00:35.535 HAD A LOT OF STRENGTH IN THE ESTABLISHMENT SURVEY 00:00:35.535 --> 00:00:35.568 HAD A LOT OF STRENGTH IN THE ESTABLISHMENT SURVEY AND 00:00:35.568 --> 00:00:35.668 HAD A LOT OF STRENGTH IN THE ESTABLISHMENT SURVEY AND A 00:00:35.668 --> 00:00:35.735 HAD A LOT OF STRENGTH IN THE ESTABLISHMENT SURVEY AND A BIG 00:00:35.735 --> 00:00:35.869 ESTABLISHMENT SURVEY AND A BIG 00:00:35.869 --> 00:00:35.902 ESTABLISHMENT SURVEY AND A BIG DROP 00:00:35.902 --> 00:00:36.736 ESTABLISHMENT SURVEY AND A BIG DROP IN 00:00:36.736 --> 00:00:37.037 ESTABLISHMENT SURVEY AND A BIG DROP IN HOUSEHOLD 00:00:37.037 --> 00:00:37.303 ESTABLISHMENT SURVEY AND A BIG DROP IN HOUSEHOLD EMPLOYMENT 00:00:37.303 --> 00:00:37.337 ESTABLISHMENT SURVEY AND A BIG DROP IN HOUSEHOLD EMPLOYMENT AND 00:00:37.337 --> 00:00:37.470 DROP IN HOUSEHOLD EMPLOYMENT AND 00:00:37.470 --> 00:00:38.238 DROP IN HOUSEHOLD EMPLOYMENT AND ALSO 00:00:38.238 --> 00:00:39.472 DROP IN HOUSEHOLD EMPLOYMENT AND ALSO SOME 00:00:39.472 --> 00:00:39.506 DROP IN HOUSEHOLD EMPLOYMENT AND ALSO SOME WEAKNESS 00:00:39.506 --> 00:00:39.806 DROP IN HOUSEHOLD EMPLOYMENT AND ALSO SOME WEAKNESS IN 00:00:39.806 --> 00:00:40.173 DROP IN HOUSEHOLD EMPLOYMENT AND ALSO SOME WEAKNESS IN THE 00:00:40.173 --> 00:00:40.206 DROP IN HOUSEHOLD EMPLOYMENT AND ALSO SOME WEAKNESS IN THE WORK 00:00:40.206 --> 00:00:40.340 ALSO SOME WEAKNESS IN THE WORK 00:00:40.340 --> 00:00:40.440 ALSO SOME WEAKNESS IN THE WORK WEEK 00:00:40.440 --> 00:00:40.473 ALSO SOME WEAKNESS IN THE WORK WEEK BUT 00:00:40.473 --> 00:00:40.707 ALSO SOME WEAKNESS IN THE WORK WEEK BUT IF 00:00:40.707 --> 00:00:40.840 ALSO SOME WEAKNESS IN THE WORK WEEK BUT IF YOU 00:00:40.840 --> 00:00:41.207 ALSO SOME WEAKNESS IN THE WORK WEEK BUT IF YOU CUT 00:00:41.207 --> 00:00:41.341 ALSO SOME WEAKNESS IN THE WORK WEEK BUT IF YOU CUT THROUGH 00:00:41.341 --> 00:00:41.808 ALSO SOME WEAKNESS IN THE WORK WEEK BUT IF YOU CUT THROUGH THE 00:00:41.808 --> 00:00:41.975 WEEK BUT IF YOU CUT THROUGH THE 00:00:41.975 --> 00:00:42.008 WEEK BUT IF YOU CUT THROUGH THE NOISE, 00:00:42.008 --> 00:00:42.208 WEEK BUT IF YOU CUT THROUGH THE NOISE, I 00:00:42.208 --> 00:00:42.575 WEEK BUT IF YOU CUT THROUGH THE NOISE, I WOULD 00:00:42.575 --> 00:00:42.976 WEEK BUT IF YOU CUT THROUGH THE NOISE, I WOULD SAY 00:00:42.976 --> 00:00:43.410 WEEK BUT IF YOU CUT THROUGH THE NOISE, I WOULD SAY IT'S 00:00:43.410 --> 00:00:44.310 WEEK BUT IF YOU CUT THROUGH THE NOISE, I WOULD SAY IT'S A 00:00:44.310 --> 00:00:44.344 WEEK BUT IF YOU CUT THROUGH THE NOISE, I WOULD SAY IT'S A STRONG 00:00:44.344 --> 00:00:44.511 NOISE, I WOULD SAY IT'S A STRONG 00:00:44.511 --> 00:00:44.544 NOISE, I WOULD SAY IT'S A STRONG REPORT 00:00:44.544 --> 00:00:44.944 REPORT 00:00:44.944 --> 00:00:45.445 REPORT IT 00:00:45.445 --> 00:00:45.545 REPORT IT SHOWS 00:00:45.545 --> 00:00:47.547 REPORT IT SHOWS THAT 00:00:47.547 --> 00:00:47.647 REPORT IT SHOWS THAT THE 00:00:47.647 --> 00:00:47.781 REPORT IT SHOWS THAT THE LABOR 00:00:47.781 --> 00:00:47.814 REPORT IT SHOWS THAT THE LABOR MARKET 00:00:47.814 --> 00:00:48.014 IT SHOWS THAT THE LABOR MARKET 00:00:48.014 --> 00:00:48.081 IT SHOWS THAT THE LABOR MARKET CONTINUES 00:00:48.081 --> 00:00:48.148 IT SHOWS THAT THE LABOR MARKET CONTINUES TO 00:00:48.148 --> 00:00:49.716 IT SHOWS THAT THE LABOR MARKET CONTINUES TO MAKE 00:00:49.716 --> 00:00:49.749 IT SHOWS THAT THE LABOR MARKET CONTINUES TO MAKE PROGRESS 00:00:49.749 --> 00:00:49.883 CONTINUES TO MAKE PROGRESS 00:00:49.883 --> 00:00:50.016 CONTINUES TO MAKE PROGRESS IT 00:00:50.016 --> 00:00:50.116 CONTINUES TO MAKE PROGRESS IT SUGGESTS 00:00:50.116 --> 00:00:50.550 CONTINUES TO MAKE PROGRESS IT SUGGESTS THAT 00:00:50.550 --> 00:00:50.784 CONTINUES TO MAKE PROGRESS IT SUGGESTS THAT WE'RE 00:00:50.784 --> 00:00:50.817 CONTINUES TO MAKE PROGRESS IT SUGGESTS THAT WE'RE STILL 00:00:50.817 --> 00:00:51.151 IT SUGGESTS THAT WE'RE STILL 00:00:51.151 --> 00:00:51.284 IT SUGGESTS THAT WE'RE STILL GETTING 00:00:51.284 --> 00:00:51.484 IT SUGGESTS THAT WE'RE STILL GETTING THE 00:00:51.484 --> 00:00:52.485 IT SUGGESTS THAT WE'RE STILL GETTING THE BENEFIT 00:00:52.485 --> 00:00:52.886 IT SUGGESTS THAT WE'RE STILL GETTING THE BENEFIT OF 00:00:52.886 --> 00:00:52.919 IT SUGGESTS THAT WE'RE STILL GETTING THE BENEFIT OF INCREASES 00:00:52.919 --> 00:00:53.019 GETTING THE BENEFIT OF INCREASES 00:00:53.019 --> 00:00:53.787 GETTING THE BENEFIT OF INCREASES IN 00:00:53.787 --> 00:00:54.487 GETTING THE BENEFIT OF INCREASES IN THE 00:00:54.487 --> 00:00:54.587 GETTING THE BENEFIT OF INCREASES IN THE LABOR 00:00:54.587 --> 00:00:54.654 GETTING THE BENEFIT OF INCREASES IN THE LABOR FORCE, 00:00:54.654 --> 00:00:54.954 GETTING THE BENEFIT OF INCREASES IN THE LABOR FORCE, AND 00:00:54.954 --> 00:00:55.755 GETTING THE BENEFIT OF INCREASES IN THE LABOR FORCE, AND IT 00:00:55.755 --> 00:00:55.789 GETTING THE BENEFIT OF INCREASES IN THE LABOR FORCE, AND IT SHOWS 00:00:55.789 --> 00:00:55.955 IN THE LABOR FORCE, AND IT SHOWS 00:00:55.955 --> 00:00:56.222 IN THE LABOR FORCE, AND IT SHOWS THAT 00:00:56.222 --> 00:00:56.322 IN THE LABOR FORCE, AND IT SHOWS THAT ECONOMY 00:00:56.322 --> 00:00:56.756 IN THE LABOR FORCE, AND IT SHOWS THAT ECONOMY IS 00:00:56.756 --> 00:00:56.890 IN THE LABOR FORCE, AND IT SHOWS THAT ECONOMY IS CURRENTLY 00:00:56.890 --> 00:00:56.923 IN THE LABOR FORCE, AND IT SHOWS THAT ECONOMY IS CURRENTLY AT 00:00:56.923 --> 00:00:57.090 THAT ECONOMY IS CURRENTLY AT 00:00:57.090 --> 00:00:57.390 THAT ECONOMY IS CURRENTLY AT LEAST 00:00:57.390 --> 00:00:57.557 THAT ECONOMY IS CURRENTLY AT LEAST NOWHERE 00:00:57.557 --> 00:00:58.158 THAT ECONOMY IS CURRENTLY AT LEAST NOWHERE CLOSE 00:00:58.158 --> 00:00:58.191 THAT ECONOMY IS CURRENTLY AT LEAST NOWHERE CLOSE TO 00:00:58.191 --> 00:00:58.425 LEAST NOWHERE CLOSE TO 00:00:58.425 --> 00:00:58.458 LEAST NOWHERE CLOSE TO RECESSION. 00:00:58.458 --> 00:00:58.558 RECESSION. 00:00:58.558 --> 00:00:58.625 RECESSION. >> 00:00:58.625 --> 00:00:58.725 RECESSION. >> DOES 00:00:58.725 --> 00:00:59.092 RECESSION. >> DOES THAT 00:00:59.092 --> 00:00:59.392 RECESSION. >> DOES THAT MEAN 00:00:59.392 --> 00:00:59.526 RECESSION. >> DOES THAT MEAN YOU'RE 00:00:59.526 --> 00:00:59.826 RECESSION. >> DOES THAT MEAN YOU'RE ABLE 00:00:59.826 --> 00:00:59.859 RECESSION. >> DOES THAT MEAN YOU'RE ABLE TO 00:00:59.859 --> 00:01:00.093 >> DOES THAT MEAN YOU'RE ABLE TO 00:01:00.093 --> 00:01:00.593 >> DOES THAT MEAN YOU'RE ABLE TO LOOK 00:01:00.593 --> 00:01:00.927 >> DOES THAT MEAN YOU'RE ABLE TO LOOK PAST 00:01:00.927 --> 00:01:01.127 >> DOES THAT MEAN YOU'RE ABLE TO LOOK PAST THE 00:01:01.127 --> 00:01:01.161 >> DOES THAT MEAN YOU'RE ABLE TO LOOK PAST THE JUMP 00:01:01.161 --> 00:01:04.697 >> DOES THAT MEAN YOU'RE ABLE TO LOOK PAST THE JUMP IN 00:01:04.697 --> 00:01:04.864 >> DOES THAT MEAN YOU'RE ABLE TO LOOK PAST THE JUMP IN THE 00:01:04.864 --> 00:01:05.899 LOOK PAST THE JUMP IN THE 00:01:05.899 --> 00:01:06.099 LOOK PAST THE JUMP IN THE EMPLOYMENT 00:01:06.099 --> 00:01:06.132 LOOK PAST THE JUMP IN THE EMPLOYMENT STRAIGHT. 00:01:06.132 --> 00:01:06.232 EMPLOYMENT STRAIGHT. 00:01:06.232 --> 00:01:06.266 EMPLOYMENT STRAIGHT. >> 00:01:06.266 --> 00:01:06.366 EMPLOYMENT STRAIGHT. >> I 00:01:06.366 --> 00:01:06.433 EMPLOYMENT STRAIGHT. >> I THINK 00:01:06.433 --> 00:01:06.499 EMPLOYMENT STRAIGHT. >> I THINK YOU 00:01:06.499 --> 00:01:06.633 EMPLOYMENT STRAIGHT. >> I THINK YOU CAN 00:01:06.633 --> 00:01:06.699 EMPLOYMENT STRAIGHT. >> I THINK YOU CAN BECAUSE 00:01:06.699 --> 00:01:06.733 EMPLOYMENT STRAIGHT. >> I THINK YOU CAN BECAUSE THE 00:01:06.733 --> 00:01:06.866 >> I THINK YOU CAN BECAUSE THE 00:01:06.866 --> 00:01:06.900 >> I THINK YOU CAN BECAUSE THE DROP 00:01:06.900 --> 00:01:06.966 >> I THINK YOU CAN BECAUSE THE DROP IN 00:01:06.966 --> 00:01:07.167 >> I THINK YOU CAN BECAUSE THE DROP IN THE 00:01:07.167 --> 00:01:07.233 >> I THINK YOU CAN BECAUSE THE DROP IN THE EMPLOYMENT 00:01:07.233 --> 00:01:07.300 >> I THINK YOU CAN BECAUSE THE DROP IN THE EMPLOYMENT RATE 00:01:07.300 --> 00:01:07.367 >> I THINK YOU CAN BECAUSE THE DROP IN THE EMPLOYMENT RATE WAS 00:01:07.367 --> 00:01:07.534 DROP IN THE EMPLOYMENT RATE WAS 00:01:07.534 --> 00:01:07.567 DROP IN THE EMPLOYMENT RATE WAS DRIVEN 00:01:07.567 --> 00:01:08.802 DROP IN THE EMPLOYMENT RATE WAS DRIVEN BY 00:01:08.802 --> 00:01:09.069 DROP IN THE EMPLOYMENT RATE WAS DRIVEN BY A 00:01:09.069 --> 00:01:10.503 DROP IN THE EMPLOYMENT RATE WAS DRIVEN BY A DECLINE 00:01:10.503 --> 00:01:10.537 DROP IN THE EMPLOYMENT RATE WAS DRIVEN BY A DECLINE IN 00:01:10.537 --> 00:01:10.837 DRIVEN BY A DECLINE IN 00:01:10.837 --> 00:01:10.937 DRIVEN BY A DECLINE IN SELF-EMPLOYMENT 00:01:10.937 --> 00:01:11.004 DRIVEN BY A DECLINE IN SELF-EMPLOYMENT AND, 00:01:11.004 --> 00:01:11.204 DRIVEN BY A DECLINE IN SELF-EMPLOYMENT AND, YOU 00:01:11.204 --> 00:01:11.337 DRIVEN BY A DECLINE IN SELF-EMPLOYMENT AND, YOU KNOW, 00:01:11.337 --> 00:01:11.371 DRIVEN BY A DECLINE IN SELF-EMPLOYMENT AND, YOU KNOW, I 00:01:11.371 --> 00:01:11.471 SELF-EMPLOYMENT AND, YOU KNOW, I 00:01:11.471 --> 00:01:11.604 SELF-EMPLOYMENT AND, YOU KNOW, I DO 00:01:11.604 --> 00:01:11.938 SELF-EMPLOYMENT AND, YOU KNOW, I DO THINK 00:01:11.938 --> 00:01:12.305 SELF-EMPLOYMENT AND, YOU KNOW, I DO THINK THAT 00:01:12.305 --> 00:01:12.439 SELF-EMPLOYMENT AND, YOU KNOW, I DO THINK THAT THIS 00:01:12.439 --> 00:01:12.739 SELF-EMPLOYMENT AND, YOU KNOW, I DO THINK THAT THIS CAN 00:01:12.739 --> 00:01:12.972 SELF-EMPLOYMENT AND, YOU KNOW, I DO THINK THAT THIS CAN BE 00:01:12.972 --> 00:01:13.573 SELF-EMPLOYMENT AND, YOU KNOW, I DO THINK THAT THIS CAN BE QUITE 00:01:13.573 --> 00:01:14.908 DO THINK THAT THIS CAN BE QUITE 00:01:14.908 --> 00:01:14.941 DO THINK THAT THIS CAN BE QUITE NOISY. 00:01:14.941 --> 00:01:15.041 NOISY. 00:01:15.041 --> 00:01:15.108 NOISY. IF 00:01:15.108 --> 00:01:15.708 NOISY. IF YOU 00:01:15.708 --> 00:01:15.775 NOISY. IF YOU LOOK 00:01:15.775 --> 00:01:16.209 NOISY. IF YOU LOOK AT 00:01:16.209 --> 00:01:16.810 NOISY. IF YOU LOOK AT THE 00:01:16.810 --> 00:01:16.843 NOISY. IF YOU LOOK AT THE HOUSEHOLD 00:01:16.843 --> 00:01:17.110 IF YOU LOOK AT THE HOUSEHOLD 00:01:17.110 --> 00:01:17.277 IF YOU LOOK AT THE HOUSEHOLD SURVEY 00:01:17.277 --> 00:01:17.343 IF YOU LOOK AT THE HOUSEHOLD SURVEY ADJUSTED 00:01:17.343 --> 00:01:17.911 IF YOU LOOK AT THE HOUSEHOLD SURVEY ADJUSTED FOR 00:01:17.911 --> 00:01:18.078 IF YOU LOOK AT THE HOUSEHOLD SURVEY ADJUSTED FOR THE 00:01:18.078 --> 00:01:18.411 SURVEY ADJUSTED FOR THE 00:01:18.411 --> 00:01:18.478 SURVEY ADJUSTED FOR THE DEFINITIONS 00:01:18.478 --> 00:01:18.645 SURVEY ADJUSTED FOR THE DEFINITIONS OF 00:01:18.645 --> 00:01:19.245 SURVEY ADJUSTED FOR THE DEFINITIONS OF THE 00:01:19.245 --> 00:01:19.279 SURVEY ADJUSTED FOR THE DEFINITIONS OF THE ESTABLISHMENT 00:01:19.279 --> 00:01:19.446 DEFINITIONS OF THE ESTABLISHMENT 00:01:19.446 --> 00:01:19.512 DEFINITIONS OF THE ESTABLISHMENT SURVEY, 00:01:19.512 --> 00:01:19.679 DEFINITIONS OF THE ESTABLISHMENT SURVEY, YOU 00:01:19.679 --> 00:01:20.046 DEFINITIONS OF THE ESTABLISHMENT SURVEY, YOU ACTUALLY 00:01:20.046 --> 00:01:21.414 DEFINITIONS OF THE ESTABLISHMENT SURVEY, YOU ACTUALLY GOT 00:01:21.414 --> 00:01:21.448 DEFINITIONS OF THE ESTABLISHMENT SURVEY, YOU ACTUALLY GOT A 00:01:21.448 --> 00:01:21.614 SURVEY, YOU ACTUALLY GOT A 00:01:21.614 --> 00:01:21.915 SURVEY, YOU ACTUALLY GOT A HEALTHY 00:01:21.915 --> 00:01:22.015 SURVEY, YOU ACTUALLY GOT A HEALTHY INCREASE 00:01:22.015 --> 00:01:22.615 SURVEY, YOU ACTUALLY GOT A HEALTHY INCREASE IN 00:01:22.615 --> 00:01:23.083 SURVEY, YOU ACTUALLY GOT A HEALTHY INCREASE IN HOUSEHOLD 00:01:23.083 --> 00:01:23.316 HEALTHY INCREASE IN HOUSEHOLD 00:01:23.316 --> 00:01:23.349 HEALTHY INCREASE IN HOUSEHOLD EMPLOYMENT 00:01:23.349 --> 00:01:23.616 EMPLOYMENT 00:01:23.616 --> 00:01:24.084 EMPLOYMENT SO 00:01:24.084 --> 00:01:24.117 EMPLOYMENT SO OVERALL, 00:01:24.117 --> 00:01:24.284 EMPLOYMENT SO OVERALL, I 00:01:24.284 --> 00:01:24.684 EMPLOYMENT SO OVERALL, I WOULD 00:01:24.684 --> 00:01:25.085 EMPLOYMENT SO OVERALL, I WOULD SAY 00:01:25.085 --> 00:01:26.086 EMPLOYMENT SO OVERALL, I WOULD SAY IT'S 00:01:26.086 --> 00:01:26.119 EMPLOYMENT SO OVERALL, I WOULD SAY IT'S A 00:01:26.119 --> 00:01:26.286 SO OVERALL, I WOULD SAY IT'S A 00:01:26.286 --> 00:01:26.653 SO OVERALL, I WOULD SAY IT'S A STRONG 00:01:26.653 --> 00:01:27.287 SO OVERALL, I WOULD SAY IT'S A STRONG REPORT 00:01:27.287 --> 00:01:27.454 SO OVERALL, I WOULD SAY IT'S A STRONG REPORT AND 00:01:27.454 --> 00:01:27.654 SO OVERALL, I WOULD SAY IT'S A STRONG REPORT AND CONFIRMS 00:01:27.654 --> 00:01:27.821 SO OVERALL, I WOULD SAY IT'S A STRONG REPORT AND CONFIRMS THAT 00:01:27.821 --> 00:01:27.954 STRONG REPORT AND CONFIRMS THAT 00:01:27.954 --> 00:01:28.354 STRONG REPORT AND CONFIRMS THAT LABOR 00:01:28.354 --> 00:01:28.788 STRONG REPORT AND CONFIRMS THAT LABOR MARKET 00:01:28.788 --> 00:01:28.855 STRONG REPORT AND CONFIRMS THAT LABOR MARKET REMAINS 00:01:28.855 --> 00:01:29.022 STRONG REPORT AND CONFIRMS THAT LABOR MARKET REMAINS VERY 00:01:29.022 --> 00:01:29.089 STRONG REPORT AND CONFIRMS THAT LABOR MARKET REMAINS VERY SOLID. 00:01:29.089 --> 00:01:29.189 LABOR MARKET REMAINS VERY SOLID. 00:01:29.189 --> 00:01:29.255 LABOR MARKET REMAINS VERY SOLID. >> 00:01:29.255 --> 00:01:29.656 LABOR MARKET REMAINS VERY SOLID. >> ONCE 00:01:29.656 --> 00:01:30.757 LABOR MARKET REMAINS VERY SOLID. >> ONCE UPON 00:01:30.757 --> 00:01:31.124 LABOR MARKET REMAINS VERY SOLID. >> ONCE UPON A 00:01:31.124 --> 00:01:31.257 LABOR MARKET REMAINS VERY SOLID. >> ONCE UPON A TIME, 00:01:31.257 --> 00:01:31.691 LABOR MARKET REMAINS VERY SOLID. >> ONCE UPON A TIME, MAYBE 00:01:31.691 --> 00:01:31.724 LABOR MARKET REMAINS VERY SOLID. >> ONCE UPON A TIME, MAYBE SIX 00:01:31.724 --> 00:01:31.891 >> ONCE UPON A TIME, MAYBE SIX 00:01:31.891 --> 00:01:32.092 >> ONCE UPON A TIME, MAYBE SIX MONTHS 00:01:32.092 --> 00:01:32.125 >> ONCE UPON A TIME, MAYBE SIX MONTHS AGO, 00:01:32.125 --> 00:01:32.225 >> ONCE UPON A TIME, MAYBE SIX MONTHS AGO, I 00:01:32.225 --> 00:01:32.525 >> ONCE UPON A TIME, MAYBE SIX MONTHS AGO, I DON'T 00:01:32.525 --> 00:01:32.592 >> ONCE UPON A TIME, MAYBE SIX MONTHS AGO, I DON'T KNOW, 00:01:32.592 --> 00:01:32.759 >> ONCE UPON A TIME, MAYBE SIX MONTHS AGO, I DON'T KNOW, IT 00:01:32.759 --> 00:01:32.792 >> ONCE UPON A TIME, MAYBE SIX MONTHS AGO, I DON'T KNOW, IT WAS 00:01:32.792 --> 00:01:32.992 MONTHS AGO, I DON'T KNOW, IT WAS 00:01:32.992 --> 00:01:33.493 MONTHS AGO, I DON'T KNOW, IT WAS BELIEVED 00:01:33.493 --> 00:01:33.960 MONTHS AGO, I DON'T KNOW, IT WAS BELIEVED BY 00:01:33.960 --> 00:01:34.094 MONTHS AGO, I DON'T KNOW, IT WAS BELIEVED BY THE 00:01:34.094 --> 00:01:34.160 MONTHS AGO, I DON'T KNOW, IT WAS BELIEVED BY THE MARKET 00:01:34.160 --> 00:01:34.327 MONTHS AGO, I DON'T KNOW, IT WAS BELIEVED BY THE MARKET THAT 00:01:34.327 --> 00:01:34.561 BELIEVED BY THE MARKET THAT 00:01:34.561 --> 00:01:34.994 BELIEVED BY THE MARKET THAT EMPLOYMENT 00:01:34.994 --> 00:01:35.295 BELIEVED BY THE MARKET THAT EMPLOYMENT RATE 00:01:35.295 --> 00:01:35.428 BELIEVED BY THE MARKET THAT EMPLOYMENT RATE WOULD 00:01:35.428 --> 00:01:35.695 BELIEVED BY THE MARKET THAT EMPLOYMENT RATE WOULD HAVE 00:01:35.695 --> 00:01:36.029 BELIEVED BY THE MARKET THAT EMPLOYMENT RATE WOULD HAVE TO 00:01:36.029 --> 00:01:36.196 EMPLOYMENT RATE WOULD HAVE TO 00:01:36.196 --> 00:01:36.296 EMPLOYMENT RATE WOULD HAVE TO WORSEN, 00:01:36.296 --> 00:01:36.463 EMPLOYMENT RATE WOULD HAVE TO WORSEN, THAT 00:01:36.463 --> 00:01:36.629 EMPLOYMENT RATE WOULD HAVE TO WORSEN, THAT PEOPLE 00:01:36.629 --> 00:01:38.531 EMPLOYMENT RATE WOULD HAVE TO WORSEN, THAT PEOPLE WOULD 00:01:38.531 --> 00:01:38.565 EMPLOYMENT RATE WOULD HAVE TO WORSEN, THAT PEOPLE WOULD HAVE 00:01:38.565 --> 00:01:38.665 WORSEN, THAT PEOPLE WOULD HAVE 00:01:38.665 --> 00:01:38.731 WORSEN, THAT PEOPLE WOULD HAVE TO 00:01:38.731 --> 00:01:38.832 WORSEN, THAT PEOPLE WOULD HAVE TO LOSE 00:01:38.832 --> 00:01:38.932 WORSEN, THAT PEOPLE WOULD HAVE TO LOSE THEIR 00:01:38.932 --> 00:01:38.965 WORSEN, THAT PEOPLE WOULD HAVE TO LOSE THEIR JOBS 00:01:38.965 --> 00:01:39.065 WORSEN, THAT PEOPLE WOULD HAVE TO LOSE THEIR JOBS IN 00:01:39.065 --> 00:01:39.132 WORSEN, THAT PEOPLE WOULD HAVE TO LOSE THEIR JOBS IN ORDER 00:01:39.132 --> 00:01:39.232 WORSEN, THAT PEOPLE WOULD HAVE TO LOSE THEIR JOBS IN ORDER FOR 00:01:39.232 --> 00:01:39.332 TO LOSE THEIR JOBS IN ORDER FOR 00:01:39.332 --> 00:01:39.466 TO LOSE THEIR JOBS IN ORDER FOR THE 00:01:39.466 --> 00:01:39.632 TO LOSE THEIR JOBS IN ORDER FOR THE FED 00:01:39.632 --> 00:01:39.799 TO LOSE THEIR JOBS IN ORDER FOR THE FED TO 00:01:39.799 --> 00:01:40.033 TO LOSE THEIR JOBS IN ORDER FOR THE FED TO TAKE 00:01:40.033 --> 00:01:40.300 TO LOSE THEIR JOBS IN ORDER FOR THE FED TO TAKE A 00:01:40.300 --> 00:01:40.800 TO LOSE THEIR JOBS IN ORDER FOR THE FED TO TAKE A PAUSE 00:01:40.800 --> 00:01:40.967 TO LOSE THEIR JOBS IN ORDER FOR THE FED TO TAKE A PAUSE AND 00:01:40.967 --> 00:01:41.134 THE FED TO TAKE A PAUSE AND 00:01:41.134 --> 00:01:41.267 THE FED TO TAKE A PAUSE AND DECLARE 00:01:41.267 --> 00:01:41.734 THE FED TO TAKE A PAUSE AND DECLARE VICTORY 00:01:41.734 --> 00:01:42.135 THE FED TO TAKE A PAUSE AND DECLARE VICTORY ON 00:01:42.135 --> 00:01:42.168 THE FED TO TAKE A PAUSE AND DECLARE VICTORY ON INFLATION 00:01:42.168 --> 00:01:42.268 DECLARE VICTORY ON INFLATION 00:01:42.268 --> 00:01:42.335 DECLARE VICTORY ON INFLATION WE 00:01:42.335 --> 00:01:42.435 DECLARE VICTORY ON INFLATION WE HAVE 00:01:42.435 --> 00:01:42.902 DECLARE VICTORY ON INFLATION WE HAVE SEEN 00:01:42.902 --> 00:01:43.303 DECLARE VICTORY ON INFLATION WE HAVE SEEN INFLATION 00:01:43.303 --> 00:01:43.970 DECLARE VICTORY ON INFLATION WE HAVE SEEN INFLATION ROLL 00:01:43.970 --> 00:01:44.003 DECLARE VICTORY ON INFLATION WE HAVE SEEN INFLATION ROLL OVER 00:01:44.003 --> 00:01:44.104 WE HAVE SEEN INFLATION ROLL OVER 00:01:44.104 --> 00:01:44.804 WE HAVE SEEN INFLATION ROLL OVER IN 00:01:44.804 --> 00:01:45.038 WE HAVE SEEN INFLATION ROLL OVER IN MANY 00:01:45.038 --> 00:01:45.872 WE HAVE SEEN INFLATION ROLL OVER IN MANY KEY 00:01:45.872 --> 00:01:46.773 WE HAVE SEEN INFLATION ROLL OVER IN MANY KEY AREAS, 00:01:46.773 --> 00:01:46.806 WE HAVE SEEN INFLATION ROLL OVER IN MANY KEY AREAS, ENERGY, 00:01:46.806 --> 00:01:46.973 IN MANY KEY AREAS, ENERGY, 00:01:46.973 --> 00:01:47.407 IN MANY KEY AREAS, ENERGY, METALS, 00:01:47.407 --> 00:01:47.740 IN MANY KEY AREAS, ENERGY, METALS, FOOD, 00:01:47.740 --> 00:01:47.974 IN MANY KEY AREAS, ENERGY, METALS, FOOD, ALL 00:01:47.974 --> 00:01:48.141 IN MANY KEY AREAS, ENERGY, METALS, FOOD, ALL OF 00:01:48.141 --> 00:01:48.508 IN MANY KEY AREAS, ENERGY, METALS, FOOD, ALL OF THAT 00:01:48.508 --> 00:01:48.541 IN MANY KEY AREAS, ENERGY, METALS, FOOD, ALL OF THAT IS 00:01:48.541 --> 00:01:48.708 METALS, FOOD, ALL OF THAT IS 00:01:48.708 --> 00:01:48.975 METALS, FOOD, ALL OF THAT IS ROLLED 00:01:48.975 --> 00:01:49.008 METALS, FOOD, ALL OF THAT IS ROLLED OVER. 00:01:49.008 --> 00:01:49.109 ROLLED OVER. 00:01:49.109 --> 00:01:49.175 ROLLED OVER. DO 00:01:49.175 --> 00:01:49.275 ROLLED OVER. DO YOU 00:01:49.275 --> 00:01:49.342 ROLLED OVER. DO YOU THINK 00:01:49.342 --> 00:01:49.409 ROLLED OVER. DO YOU THINK THAT 00:01:49.409 --> 00:01:49.509 ROLLED OVER. DO YOU THINK THAT WE 00:01:49.509 --> 00:01:49.576 ROLLED OVER. DO YOU THINK THAT WE COULD 00:01:49.576 --> 00:01:49.776 ROLLED OVER. DO YOU THINK THAT WE COULD HAVE 00:01:49.776 --> 00:01:50.143 DO YOU THINK THAT WE COULD HAVE 00:01:50.143 --> 00:01:50.510 DO YOU THINK THAT WE COULD HAVE A 00:01:50.510 --> 00:01:51.611 DO YOU THINK THAT WE COULD HAVE A SCENARIO 00:01:51.611 --> 00:01:51.845 DO YOU THINK THAT WE COULD HAVE A SCENARIO WHERE 00:01:51.845 --> 00:01:52.278 DO YOU THINK THAT WE COULD HAVE A SCENARIO WHERE THE 00:01:52.278 --> 00:01:52.312 DO YOU THINK THAT WE COULD HAVE A SCENARIO WHERE THE FED 00:01:52.312 --> 00:01:52.679 A SCENARIO WHERE THE FED 00:01:52.679 --> 00:01:52.979 A SCENARIO WHERE THE FED ACTUALLY 00:01:52.979 --> 00:01:53.046 A SCENARIO WHERE THE FED ACTUALLY PAUSES 00:01:53.046 --> 00:01:53.379 A SCENARIO WHERE THE FED ACTUALLY PAUSES FOR 00:01:53.379 --> 00:01:53.580 A SCENARIO WHERE THE FED ACTUALLY PAUSES FOR GOOD, 00:01:53.580 --> 00:01:53.746 A SCENARIO WHERE THE FED ACTUALLY PAUSES FOR GOOD, I'M 00:01:53.746 --> 00:01:53.847 ACTUALLY PAUSES FOR GOOD, I'M 00:01:53.847 --> 00:01:53.980 ACTUALLY PAUSES FOR GOOD, I'M NOT 00:01:53.980 --> 00:01:54.180 ACTUALLY PAUSES FOR GOOD, I'M NOT SAYING 00:01:54.180 --> 00:01:54.414 ACTUALLY PAUSES FOR GOOD, I'M NOT SAYING THAT'S 00:01:54.414 --> 00:01:54.981 ACTUALLY PAUSES FOR GOOD, I'M NOT SAYING THAT'S GOING 00:01:54.981 --> 00:01:55.014 ACTUALLY PAUSES FOR GOOD, I'M NOT SAYING THAT'S GOING TO 00:01:55.014 --> 00:01:55.181 NOT SAYING THAT'S GOING TO 00:01:55.181 --> 00:01:55.215 NOT SAYING THAT'S GOING TO HAPPEN 00:01:55.215 --> 00:01:55.281 NOT SAYING THAT'S GOING TO HAPPEN AT 00:01:55.281 --> 00:01:55.548 NOT SAYING THAT'S GOING TO HAPPEN AT THE 00:01:55.548 --> 00:01:56.049 NOT SAYING THAT'S GOING TO HAPPEN AT THE NEXT 00:01:56.049 --> 00:01:56.483 NOT SAYING THAT'S GOING TO HAPPEN AT THE NEXT MEETING, 00:01:56.483 --> 00:01:56.649 NOT SAYING THAT'S GOING TO HAPPEN AT THE NEXT MEETING, AND 00:01:56.649 --> 00:01:56.749 HAPPEN AT THE NEXT MEETING, AND 00:01:56.749 --> 00:01:56.916 HAPPEN AT THE NEXT MEETING, AND THE 00:01:56.916 --> 00:01:57.283 HAPPEN AT THE NEXT MEETING, AND THE JOBS 00:01:57.283 --> 00:01:57.484 HAPPEN AT THE NEXT MEETING, AND THE JOBS MARKET 00:01:57.484 --> 00:01:57.717 HAPPEN AT THE NEXT MEETING, AND THE JOBS MARKET IS 00:01:57.717 --> 00:01:58.151 HAPPEN AT THE NEXT MEETING, AND THE JOBS MARKET IS ALLOWED 00:01:58.151 --> 00:01:58.318 HAPPEN AT THE NEXT MEETING, AND THE JOBS MARKET IS ALLOWED TO 00:01:58.318 --> 00:01:59.752 THE JOBS MARKET IS ALLOWED TO 00:01:59.752 --> 00:01:59.919 THE JOBS MARKET IS ALLOWED TO REMAIN 00:01:59.919 --> 00:02:00.053 THE JOBS MARKET IS ALLOWED TO REMAIN RELATIVELY 00:02:00.053 --> 00:02:00.120 THE JOBS MARKET IS ALLOWED TO REMAIN RELATIVELY STRONG. 00:02:00.120 --> 00:02:00.220 REMAIN RELATIVELY STRONG. 00:02:00.220 --> 00:02:00.453 REMAIN RELATIVELY STRONG. >> 00:02:00.453 --> 00:02:00.620 REMAIN RELATIVELY STRONG. >> THAT 00:02:00.620 --> 00:02:00.854 REMAIN RELATIVELY STRONG. >> THAT HAS 00:02:00.854 --> 00:02:01.154 REMAIN RELATIVELY STRONG. >> THAT HAS BEEN 00:02:01.154 --> 00:02:01.387 REMAIN RELATIVELY STRONG. >> THAT HAS BEEN OUR 00:02:01.387 --> 00:02:01.855 REMAIN RELATIVELY STRONG. >> THAT HAS BEEN OUR VIEW 00:02:01.855 --> 00:02:01.888 REMAIN RELATIVELY STRONG. >> THAT HAS BEEN OUR VIEW THAT 00:02:01.888 --> 00:02:01.988 >> THAT HAS BEEN OUR VIEW THAT 00:02:01.988 --> 00:02:02.055 >> THAT HAS BEEN OUR VIEW THAT YOU 00:02:02.055 --> 00:02:03.189 >> THAT HAS BEEN OUR VIEW THAT YOU CAN 00:02:03.189 --> 00:02:03.356 >> THAT HAS BEEN OUR VIEW THAT YOU CAN REBALANCE 00:02:03.356 --> 00:02:03.590 >> THAT HAS BEEN OUR VIEW THAT YOU CAN REBALANCE THE 00:02:03.590 --> 00:02:03.723 >> THAT HAS BEEN OUR VIEW THAT YOU CAN REBALANCE THE JOB 00:02:03.723 --> 00:02:03.823 >> THAT HAS BEEN OUR VIEW THAT YOU CAN REBALANCE THE JOB MARKET 00:02:03.823 --> 00:02:03.923 YOU CAN REBALANCE THE JOB MARKET 00:02:03.923 --> 00:02:04.057 YOU CAN REBALANCE THE JOB MARKET IN 00:02:04.057 --> 00:02:04.290 YOU CAN REBALANCE THE JOB MARKET IN ONE 00:02:04.290 --> 00:02:04.624 YOU CAN REBALANCE THE JOB MARKET IN ONE OF 00:02:04.624 --> 00:02:05.191 YOU CAN REBALANCE THE JOB MARKET IN ONE OF TWO 00:02:05.191 --> 00:02:05.225 YOU CAN REBALANCE THE JOB MARKET IN ONE OF TWO WAYS 00:02:05.225 --> 00:02:05.492 IN ONE OF TWO WAYS 00:02:05.492 --> 00:02:05.892 IN ONE OF TWO WAYS ONE 00:02:05.892 --> 00:02:06.092 IN ONE OF TWO WAYS ONE THROUGH 00:02:06.092 --> 00:02:06.893 IN ONE OF TWO WAYS ONE THROUGH A 00:02:06.893 --> 00:02:07.127 IN ONE OF TWO WAYS ONE THROUGH A BIG 00:02:07.127 --> 00:02:07.660 IN ONE OF TWO WAYS ONE THROUGH A BIG INCREASE 00:02:07.660 --> 00:02:07.827 IN ONE OF TWO WAYS ONE THROUGH A BIG INCREASE IN 00:02:07.827 --> 00:02:08.328 ONE THROUGH A BIG INCREASE IN 00:02:08.328 --> 00:02:08.862 ONE THROUGH A BIG INCREASE IN THE 00:02:08.862 --> 00:02:09.262 ONE THROUGH A BIG INCREASE IN THE SIZABLE 00:02:09.262 --> 00:02:09.295 ONE THROUGH A BIG INCREASE IN THE SIZABLE INCREASE 00:02:09.295 --> 00:02:09.362 ONE THROUGH A BIG INCREASE IN THE SIZABLE INCREASE IN 00:02:09.362 --> 00:02:09.529 ONE THROUGH A BIG INCREASE IN THE SIZABLE INCREASE IN THE 00:02:09.529 --> 00:02:09.796 THE SIZABLE INCREASE IN THE 00:02:09.796 --> 00:02:09.996 THE SIZABLE INCREASE IN THE UNEMPLOYMENT 00:02:09.996 --> 00:02:10.029 THE SIZABLE INCREASE IN THE UNEMPLOYMENT RATE. 00:02:10.029 --> 00:02:10.163 UNEMPLOYMENT RATE. 00:02:10.163 --> 00:02:10.263 UNEMPLOYMENT RATE. THE 00:02:10.263 --> 00:02:10.864 UNEMPLOYMENT RATE. THE OTHER 00:02:10.864 --> 00:02:11.197 UNEMPLOYMENT RATE. THE OTHER ONE, 00:02:11.197 --> 00:02:11.564 UNEMPLOYMENT RATE. THE OTHER ONE, THE 00:02:11.564 --> 00:02:11.931 UNEMPLOYMENT RATE. THE OTHER ONE, THE MUCH 00:02:11.931 --> 00:02:11.965 UNEMPLOYMENT RATE. THE OTHER ONE, THE MUCH MORE 00:02:11.965 --> 00:02:12.132 THE OTHER ONE, THE MUCH MORE 00:02:12.132 --> 00:02:12.265 THE OTHER ONE, THE MUCH MORE BENIGN 00:02:12.265 --> 00:02:12.465 THE OTHER ONE, THE MUCH MORE BENIGN WAY 00:02:12.465 --> 00:02:13.433 THE OTHER ONE, THE MUCH MORE BENIGN WAY OF 00:02:13.433 --> 00:02:13.500 THE OTHER ONE, THE MUCH MORE BENIGN WAY OF REBALANCING 00:02:13.500 --> 00:02:13.666 THE OTHER ONE, THE MUCH MORE BENIGN WAY OF REBALANCING THE 00:02:13.666 --> 00:02:13.800 BENIGN WAY OF REBALANCING THE 00:02:13.800 --> 00:02:13.967 BENIGN WAY OF REBALANCING THE LABOR 00:02:13.967 --> 00:02:14.501 BENIGN WAY OF REBALANCING THE LABOR MARKET 00:02:14.501 --> 00:02:14.868 BENIGN WAY OF REBALANCING THE LABOR MARKET IS, 00:02:14.868 --> 00:02:15.001 BENIGN WAY OF REBALANCING THE LABOR MARKET IS, TO 00:02:15.001 --> 00:02:15.368 BENIGN WAY OF REBALANCING THE LABOR MARKET IS, TO BRING 00:02:15.368 --> 00:02:15.401 BENIGN WAY OF REBALANCING THE LABOR MARKET IS, TO BRING DOWN 00:02:15.401 --> 00:02:15.568 LABOR MARKET IS, TO BRING DOWN 00:02:15.568 --> 00:02:16.202 LABOR MARKET IS, TO BRING DOWN JOB 00:02:16.202 --> 00:02:16.569 LABOR MARKET IS, TO BRING DOWN JOB OPENINGS 00:02:16.569 --> 00:02:17.103 LABOR MARKET IS, TO BRING DOWN JOB OPENINGS AND 00:02:17.103 --> 00:02:17.270 LABOR MARKET IS, TO BRING DOWN JOB OPENINGS AND YES, 00:02:17.270 --> 00:02:17.437 LABOR MARKET IS, TO BRING DOWN JOB OPENINGS AND YES, THEY'RE 00:02:17.437 --> 00:02:17.871 JOB OPENINGS AND YES, THEY'RE 00:02:17.871 --> 00:02:18.037 JOB OPENINGS AND YES, THEY'RE STILL 00:02:18.037 --> 00:02:18.271 JOB OPENINGS AND YES, THEY'RE STILL TRENDING 00:02:18.271 --> 00:02:18.738 JOB OPENINGS AND YES, THEY'RE STILL TRENDING DOWN 00:02:18.738 --> 00:02:19.672 JOB OPENINGS AND YES, THEY'RE STILL TRENDING DOWN DESPITE 00:02:19.672 --> 00:02:19.839 JOB OPENINGS AND YES, THEY'RE STILL TRENDING DOWN DESPITE THE 00:02:19.839 --> 00:02:20.874 STILL TRENDING DOWN DESPITE THE 00:02:20.874 --> 00:02:21.341 STILL TRENDING DOWN DESPITE THE LATEST 00:02:21.341 --> 00:02:21.374 STILL TRENDING DOWN DESPITE THE LATEST INCREASE. 00:02:21.374 --> 00:02:21.574 LATEST INCREASE. 00:02:21.574 --> 00:02:22.475 LATEST INCREASE. DECLINES 00:02:22.475 --> 00:02:22.609 LATEST INCREASE. DECLINES IN 00:02:22.609 --> 00:02:22.775 LATEST INCREASE. DECLINES IN QUITS 00:02:22.775 --> 00:02:23.409 LATEST INCREASE. DECLINES IN QUITS AND 00:02:23.409 --> 00:02:23.576 LATEST INCREASE. DECLINES IN QUITS AND LABOR 00:02:23.576 --> 00:02:23.776 DECLINES IN QUITS AND LABOR 00:02:23.776 --> 00:02:24.043 DECLINES IN QUITS AND LABOR SHORTAGES 00:02:24.043 --> 00:02:24.410 DECLINES IN QUITS AND LABOR SHORTAGES AND 00:02:24.410 --> 00:02:24.911 DECLINES IN QUITS AND LABOR SHORTAGES AND A 00:02:24.911 --> 00:02:26.045 DECLINES IN QUITS AND LABOR SHORTAGES AND A MORE 00:02:26.045 --> 00:02:26.079 DECLINES IN QUITS AND LABOR SHORTAGES AND A MORE GRADUAL 00:02:26.079 --> 00:02:26.346 SHORTAGES AND A MORE GRADUAL 00:02:26.346 --> 00:02:26.479 SHORTAGES AND A MORE GRADUAL REBALANCING, 00:02:26.479 --> 00:02:26.613 SHORTAGES AND A MORE GRADUAL REBALANCING, WHICH 00:02:26.613 --> 00:02:26.980 SHORTAGES AND A MORE GRADUAL REBALANCING, WHICH IS 00:02:26.980 --> 00:02:27.380 SHORTAGES AND A MORE GRADUAL REBALANCING, WHICH IS WHAT 00:02:27.380 --> 00:02:27.413 SHORTAGES AND A MORE GRADUAL REBALANCING, WHICH IS WHAT WE'VE 00:02:27.413 --> 00:02:27.580 REBALANCING, WHICH IS WHAT WE'VE 00:02:27.580 --> 00:02:27.614 REBALANCING, WHICH IS WHAT WE'VE SEEN 00:02:27.614 --> 00:02:27.714 SEEN 00:02:27.714 --> 00:02:27.847 SEEN IF 00:02:27.847 --> 00:02:28.248 SEEN IF YOU 00:02:28.248 --> 00:02:28.314 SEEN IF YOU LOOK 00:02:28.314 --> 00:02:28.448 SEEN IF YOU LOOK AT 00:02:28.448 --> 00:02:29.048 SEEN IF YOU LOOK AT THE 00:02:29.048 --> 00:02:29.782 SEEN IF YOU LOOK AT THE WAGE 00:02:29.782 --> 00:02:29.816 SEEN IF YOU LOOK AT THE WAGE NUMBERS, 00:02:29.816 --> 00:02:30.150 IF YOU LOOK AT THE WAGE NUMBERS, 00:02:30.150 --> 00:02:30.517 IF YOU LOOK AT THE WAGE NUMBERS, YOU'RE 00:02:30.517 --> 00:02:31.284 IF YOU LOOK AT THE WAGE NUMBERS, YOU'RE ALSO 00:02:31.284 --> 00:02:31.484 IF YOU LOOK AT THE WAGE NUMBERS, YOU'RE ALSO SEEING 00:02:31.484 --> 00:02:31.551 IF YOU LOOK AT THE WAGE NUMBERS, YOU'RE ALSO SEEING DECELERATION 00:02:31.551 --> 00:02:32.719 YOU'RE ALSO SEEING DECELERATION 00:02:32.719 --> 00:02:32.952 YOU'RE ALSO SEEING DECELERATION N 00:02:32.952 --> 00:02:33.219 YOU'RE ALSO SEEING DECELERATION N ADDITION 00:02:33.219 --> 00:02:33.319 YOU'RE ALSO SEEING DECELERATION N ADDITION TO 00:02:33.319 --> 00:02:33.353 YOU'RE ALSO SEEING DECELERATION N ADDITION TO SOME 00:02:33.353 --> 00:02:33.753 YOU'RE ALSO SEEING DECELERATION N ADDITION TO SOME OF 00:02:33.753 --> 00:02:34.420 YOU'RE ALSO SEEING DECELERATION N ADDITION TO SOME OF THE 00:02:34.420 --> 00:02:34.454 YOU'RE ALSO SEEING DECELERATION N ADDITION TO SOME OF THE MORE 00:02:34.454 --> 00:02:34.954 N ADDITION TO SOME OF THE MORE 00:02:34.954 --> 00:02:35.221 N ADDITION TO SOME OF THE MORE ENCOURAGING 00:02:35.221 --> 00:02:35.288 N ADDITION TO SOME OF THE MORE ENCOURAGING ASPECTS 00:02:35.288 --> 00:02:35.455 N ADDITION TO SOME OF THE MORE ENCOURAGING ASPECTS OF 00:02:35.455 --> 00:02:35.488 N ADDITION TO SOME OF THE MORE ENCOURAGING ASPECTS OF THE 00:02:35.488 --> 00:02:35.688 ENCOURAGING ASPECTS OF THE 00:02:35.688 --> 00:02:35.788 ENCOURAGING ASPECTS OF THE INFLATION 00:02:35.788 --> 00:02:35.955 ENCOURAGING ASPECTS OF THE INFLATION NEWS 00:02:35.955 --> 00:02:36.723 ENCOURAGING ASPECTS OF THE INFLATION NEWS THAT 00:02:36.723 --> 00:02:37.457 ENCOURAGING ASPECTS OF THE INFLATION NEWS THAT YOU 00:02:37.457 --> 00:02:37.690 INFLATION NEWS THAT YOU 00:02:37.690 --> 00:02:37.724 INFLATION NEWS THAT YOU MENTIONED. 00:02:37.724 --> 00:02:37.824 MENTIONED. 00:02:37.824 --> 00:02:37.857 MENTIONED. SO 00:02:37.857 --> 00:02:37.957 MENTIONED. SO I 00:02:37.957 --> 00:02:38.091 MENTIONED. SO I THINK 00:02:38.091 --> 00:02:38.491 MENTIONED. SO I THINK THAT 00:02:38.491 --> 00:02:38.992 MENTIONED. SO I THINK THAT DOES 00:02:38.992 --> 00:02:39.192 MENTIONED. SO I THINK THAT DOES SET 00:02:39.192 --> 00:02:39.592 MENTIONED. SO I THINK THAT DOES SET US 00:02:39.592 --> 00:02:39.626 MENTIONED. SO I THINK THAT DOES SET US UP 00:02:39.626 --> 00:02:40.160 SO I THINK THAT DOES SET US UP 00:02:40.160 --> 00:02:40.426 SO I THINK THAT DOES SET US UP FOR 00:02:40.426 --> 00:02:40.793 SO I THINK THAT DOES SET US UP FOR A 00:02:40.793 --> 00:02:40.827 SO I THINK THAT DOES SET US UP FOR A PAUSE. 00:02:40.827 --> 00:02:40.927 FOR A PAUSE. 00:02:40.927 --> 00:02:41.461 FOR A PAUSE. WE 00:02:41.461 --> 00:02:41.861 FOR A PAUSE. WE ARE 00:02:41.861 --> 00:02:43.096 FOR A PAUSE. WE ARE EXPECTING 00:02:43.096 --> 00:02:43.229 FOR A PAUSE. WE ARE EXPECTING A 00:02:43.229 --> 00:02:43.496 FOR A PAUSE. WE ARE EXPECTING A PAUSE 00:02:43.496 --> 00:02:43.863 FOR A PAUSE. WE ARE EXPECTING A PAUSE IN 00:02:43.863 --> 00:02:44.764 WE ARE EXPECTING A PAUSE IN 00:02:44.764 --> 00:02:44.797 WE ARE EXPECTING A PAUSE IN JUNE 00:02:44.797 --> 00:02:44.964 JUNE 00:02:44.964 --> 00:02:45.098 JUNE IN 00:02:45.098 --> 00:02:45.131 JUNE IN FACT, 00:02:45.131 --> 00:02:45.431 JUNE IN FACT, WE 00:02:45.431 --> 00:02:45.798 JUNE IN FACT, WE HAVE 00:02:45.798 --> 00:02:46.132 JUNE IN FACT, WE HAVE STABLE 00:02:46.132 --> 00:02:46.299 JUNE IN FACT, WE HAVE STABLE FUNDS 00:02:46.299 --> 00:02:46.432 IN FACT, WE HAVE STABLE FUNDS 00:02:46.432 --> 00:02:46.466 IN FACT, WE HAVE STABLE FUNDS RATE 00:02:46.466 --> 00:02:46.599 IN FACT, WE HAVE STABLE FUNDS RATE IN 00:02:46.599 --> 00:02:46.866 IN FACT, WE HAVE STABLE FUNDS RATE IN OUR 00:02:46.866 --> 00:02:47.000 IN FACT, WE HAVE STABLE FUNDS RATE IN OUR FORECAST 00:02:47.000 --> 00:02:48.535 IN FACT, WE HAVE STABLE FUNDS RATE IN OUR FORECAST THROUGH 00:02:48.535 --> 00:02:48.568 IN FACT, WE HAVE STABLE FUNDS RATE IN OUR FORECAST THROUGH THE 00:02:48.568 --> 00:02:48.902 RATE IN OUR FORECAST THROUGH THE 00:02:48.902 --> 00:02:48.968 RATE IN OUR FORECAST THROUGH THE REMAINDER 00:02:48.968 --> 00:02:49.402 RATE IN OUR FORECAST THROUGH THE REMAINDER OF 00:02:49.402 --> 00:02:49.769 RATE IN OUR FORECAST THROUGH THE REMAINDER OF THE 00:02:49.769 --> 00:02:49.802 RATE IN OUR FORECAST THROUGH THE REMAINDER OF THE YEAR. 00:02:49.802 --> 00:02:50.036 REMAINDER OF THE YEAR. 00:02:50.036 --> 00:02:50.136 REMAINDER OF THE YEAR. OBVIOUSLY, 00:02:50.136 --> 00:02:50.203 REMAINDER OF THE YEAR. OBVIOUSLY, THERE 00:02:50.203 --> 00:02:50.470 REMAINDER OF THE YEAR. OBVIOUSLY, THERE ARE 00:02:50.470 --> 00:02:50.503 REMAINDER OF THE YEAR. OBVIOUSLY, THERE ARE RISKS 00:02:50.503 --> 00:02:50.904 OBVIOUSLY, THERE ARE RISKS 00:02:50.904 --> 00:02:51.304 OBVIOUSLY, THERE ARE RISKS AROUND 00:02:51.304 --> 00:02:51.337 OBVIOUSLY, THERE ARE RISKS AROUND THAT. 00:02:51.337 --> 00:02:51.404 AROUND THAT. 00:02:51.404 --> 00:02:51.504 AROUND THAT. I 00:02:51.504 --> 00:02:51.804 AROUND THAT. I THINK 00:02:51.804 --> 00:02:51.871 AROUND THAT. I THINK THE