Space Summary
The Twitter Space September jobs report with Skanda and Conor hosted by conorsen. The September jobs report discussion delves deep into the economic landscape, analyzing trends, forecasts, and policy impacts. Skanda and Conor provide valuable insights on unemployment rates, government interventions, and the intricate relationship between job data and various industries. Key takeaways highlight the significance of wage growth, global events on forecasts, and the role of job reports in shaping investor sentiment. The Q&A session covers government policies, sector-specific implications, and societal effects of job reports. In summary, the space offers a comprehensive exploration of job market dynamics within the Alpha Group niche, emphasizing the importance of data-driven decision-making and long-term economic perspectives.
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Questions
Q: How do government policies influence unemployment rates?
A: Government interventions like stimulus packages and labor regulations play a significant role in shaping job market dynamics.
Q: Why are wage growth and labor force participation crucial economic indicators?
A: Wage growth reflects economic health, while labor force participation rates signal workforce engagement and productivity.
Q: What role do job reports play in shaping monetary policy decisions?
A: Job data informs central banks on interest rate adjustments and inflation management strategies.
Q: How does job market data impact investor behavior in the stock market?
A: Investors monitor job reports for insights into economic conditions, influencing stock market volatility and investment decisions.
Q: How do global events and supply chain disruptions affect job market forecasts?
A: Uncertainties from global events and supply chain challenges introduce complexities in predicting job market trends.
Q: What societal implications do job reports have on income distribution?
A: Job data analysis sheds light on income inequality, workforce diversity, and social welfare disparities.
Q: Why is a long-term perspective crucial when analyzing job trends?
A: Long-term outlooks provide context for interpreting short-term fluctuations, enabling better policy and economic decision-making.
Q: How can businesses utilize job data insights for strategic planning?
A: Businesses leverage job market information to forecast demand, optimize operations, and plan for workforce management.
Q: In what ways does the interpretation of job reports differ across industries?
A: Different sectors use job data to assess sector-specific trends, labor demands, and skill shortages for tailored strategies.
Q: What global factors contribute to the interconnected nature of job markets?
A: International trade policies, economic partnerships, and geopolitical events create interdependencies in global job markets.
Highlights
Time: 00:12:45
Economic Analysis of Unemployment Trends Insights into the complex factors affecting job markets and unemployment rates.
Time: 00:25:18
Industry-Specific Job Report Implications Exploring how job data impacts diverse industries and economic sectors.
Time: 00:40:30
Forecasting Economic Outlooks from Job Reports Discussion on using job reports to predict market trends and policy directions.
Time: 00:55:22
Government Policy Effects on Job Markets Analyzing the influence of government interventions on job market dynamics.
Time: 01:10:15
Investor Sentiment and Job Data Understanding the correlation between job reports and investor behavior in financial markets.
Time: 01:25:50
Global Events Impact on Job Forecasts Examining how geopolitical and supply chain disruptions shape job market forecasts.
Time: 01:35:12
Income Inequality and Job Data Analysis Insights into the socioeconomic implications of job reports on income distribution.
Time: 01:50:08
Long-Term Economic Planning with Job Trends The importance of considering long-term trends for sustainable economic policies.
Time: 02:05:40
Strategic Business Applications of Job Insights Utilizing job data for strategic decision-making and operational planning in businesses.
Time: 02:20:19
Global Interdependencies in Job Markets Exploring how international factors influence the interconnected nature of global job markets.
Key Takeaways
- Unemployment rates heavily influenced by factors like labor market dynamics, economic growth, and government policies.
- The impact of job reports on various industries ranging from tech to manufacturing and its implications on the economy.
- Key indicators like wage growth, labor force participation, and job creation rate provide crucial insights into the economic health.
- The significance of interpreting job data in the context of long-term trends and policy decisions for sustainable growth.
- Analysis of job reports aids in understanding consumer confidence, market stability, and future economic projections.
- Discussion on the role of government stimulus packages, inflation rates, and interest rates in shaping job market conditions.
- The relationship between job data, stock market performance, and investor sentiment in driving economic outlooks.
- Challenges in accurately forecasting job trends amidst global events, supply chain disruptions, and evolving work environments.
- Insights into the interconnected nature of job markets, trade policies, and international economic conditions.
- Exploration of the nuanced impacts of job reports on income inequality, social welfare, and workforce diversity.
Behind the Mic
Morning Greetings
Morning. Morning, Connor. Morning. Scandal. I'm doing this in the pitch black in Sedona, Arizona, where it is dark and peaceful outside. But I know that looming out there are scorpions and rattlesnakes and mountains, which in a way feels like a good metaphor for the labor market in this economy.
A Poetic Start
You're already off to a poetic start. Yeah, yeah. I, somehow I have a hard time. I guess my colleague Preston is in the spaces. He's based in Seattle. And I just don't understand doing macro on the west coast seems very hard because it's very dark when everything's coming out. I think I saw Mohammed El Aryan said that he, when he was at his Pimco days, he was getting up at 245 in the morning and. Yeah. Just. No, yeah. Yeah. So world revolves around east coast time.
Discussing Labor Market Dynamics
And I guess this is going to be a pretty interesting jobs report where you're kind of at a question of what kind of labor market inflection point are we at right now? How quickly are things moving in a different direction? And it is all compounded by the fact that the Fed is increasingly sensitive to labor market data. Whether they are less sensitive to inflation we can debate, but it's clearly the case that they're picking up their sensitivity to whatever's happening to east jobs report. Yeah, and I think there's a pretty good two sided debate in terms of what's going on right now.
Positive and Negative Economic Signals
And especially over the past month where you've had in the sort of positive camp, GDP now is around 2.5%. It's still pretty early in Q three in terms of the data we've gotten, but that's pretty solid. Personal income and savings were rised up. So there's less concern about sort of the american consumer being tapped out. Jobless claims remain low. Layoffs remain low. The stock market continues to do well. But on the other side, you have the jolts report this week, which was one of the more concerning data points we've gotten in quite some time, showing that the hires and quits rates are both back at early 2014 levels when the unemployment rate was north of 6%.
Consumer Confidence and Employment Trends
Last week the Conference Board consumer confidence report showed that jobs plentiful minus jobs hard to get sort of consumer response that's weakening pretty quickly. The unemployment rate has continued to rise, private payrolls continue to fall or the growth rate continues to decelerate. So I think there's a lot of question marks about where things are labor market wise. Yeah, there's clearly some data that signals risk right now. I think that's the best way to think about it, which is like, not everything is flashing red, but there are things that are flashing right, or at least they're flashing like a very red yellow, red orange.
Understanding Unemployment Rate Fluctuations
It's kind of a backdrop to me where there are signals that if you just relied on them, you'd get answer. Say that payroll growth is going to slow below 100k, that we're going to see unemployment rate continue to rise. The confidence board is obviously one such signal in terms of, and it's pretty auto correlated, at least it's not perfect. It certainly can diverge from where the unemployment rate's going. The unemployment rate has gone up. Some of the reasons why the unemployment rate has gone up is related to supply, but I think those are largely overstated and overstated specifically by the Fed.
Analyzing Employment Data Sources
So when I'm thinking about this release, it's really about the causes behind a lot of the moves. So like, is the unemployment rate going up or down sideways because we're adding jobs or losing participants? The context really does matter here, and I think that will honestly change the Fed's assessment. Even we obviously had like a Fed pivot in September in which they basically said we're going to cut 50 basis points. We do expect the unemployment rate to march up to 4.4 by the end of the year.
Upcoming Employment Reports
And that might seem like actually baking in or taking a dovish move off the table, but I would say they are assuming a lot of this is supply up until now, and we're at to find out this month and next month just how much. Is this a supply side event where participation is going up and immigrations potentially pushing up unemployment? Although I still don't buy that reasoning. Or is it the opposite? Is the case of like actually it's demand and demand is slowing? I think there's a mix of both going on, but I would say it's mostly about demand in the last few months and not so much about the supply side story.
Debate on Labor Market Conditions
And I think this debate really started two months ago when the unemployment rate kicked up to 4.3, and that was when there was a lot of this knee jerk. It's just one report, people shouldn't worry about it, even though that was like the fifth month in a row the unemployment rate has risen. And so we're now two months into this debate and I think by the end of the year it's going to be settled because it's hard to think that you're still going to have by the end of the year sort of employment population at highs and the unemployment rate rising and things like hires and quits falling and sort of reported measures of the labor market from consumers being falling.
Future Clarity on Employment Trends
So I think we're in a three to four month sort of fog of war where we're not quite sure what's behind the rising unemployment rate and what to make of it, but I think it'll be settled pretty soon. Yeah, I mean, you say settled pretty soon, but I actually think you're probably a fat fog of war. We're going to have a few things that probably paralyze conditions in the short term and also paralyze the data. We kind of know that there should be some kind of hurricane effect.
Impact of Natural Disasters on Labor Market Data
It may not be huge because if you think about the, I mean, obviously, it's a tragic situation that's going on in terms of what happened, Hurricane Helene, but the metro areas that were affected, it's not clear how much that's going to be part of what's picked up because these are not necessarily huge population centers compared to Houston or New Orleans or one of the Florida metros. Nevertheless, it should have the data, maybe in the production data more so than the employment data, but that'll probably color the October report, which comes out in the beginning of November.
Potential Delays in Hiring
We should see, it's hard to say how much the election should really matter for, like, a hiring change in a given month, but I wouldn't be surprised to see that there is some holding off on hiring until after the election is over and we have a little more certainty about policy. You certainly may only see that kind of big pickup in hiring because of easing financial conditions that may only transpire in December, January. Once you're talking about that, you're talking about 2025 jobs reports or jobs reports that are released in 2025.
Looking Ahead in Labor Market Analysis
So we kind of have, like, a bit of a haze until we get to year end at least. And on the other hand, we have also, just like, we have had a slowing trend. I think, like, if you told me in May the unemployment rates going up for very benign reasons, I totally agree. After May, I think we've seen signs that suggest, like, hang on a sec. There's something else going on, too. I think that it was very like, the Fed basically got exposed two days after their July meeting, that July jobs report showing that 4.3.
Reflections on Fed's Response
But it was actually very like telling even in June that we're seeing something different showing up. The Fed kind of just, like, wrote it off as like, a one off. And I think there's been a lot of the sort of writing off what's going on. Labor market data is like, this is like a supply side.
Economic Idiosyncrasies and Fed Response
It's this kind of idiosyncrasy. It has a sort of echo of like, maybe what we're hearing in 2021 on the inflation side, I don't think it's quite snowballing yet in the sense that it's an unsalvageable situation for the Fed. But I do think, like, the Fed's probably going to have to upgrade their language and thinking about what's going on with markets. Yeah, I think over the next couple months we'll shift from the sort of belief that it's just a supply story to people really recognizing that it is a demand story, and then the debate will really be shifting more to, okay, well, it's just weak hiring means the unemployment rate rises, but it's happening at a gradual, measured pace versus a disorderly 2001 2008 type event. And I don't really see that latter scenario unfolding, especially with the Fed. Maybe they're not acting as quickly as you I would like, but they are mindful of what's going on.
Labor Market Trends and Employment Outlook
So I think there's still plenty of time for them to turn the ship in 2025. Although I do think we're probably looking at a slowing labor market for the next three to six months at least. Yeah, I think at least the next three months we probably will see more data that confirms the trends we saw in the last three, four months. That'd be my base case. How much slowing, how much do we see that deterioration? Not just in terms of unemployment rate going up, but actually, let's say prime age employment has stopped going up. That I think is actually looking more clear. Maybe, hopefully I'm wrong today. Hopefully we make a new high, and I'm very happy if we make a new high on prime age employment. If we see prime age employment decline, then honestly, even if the unemployment rate is flat, I think it's actually a much more concerning situation because then you have no supply side argument at all, and it's actually looking like it's going to be all demand.
Concerns Over Employment and Economic Stability
So we've had this kind of mix of things that have kind of pushed the unemployment rate up, but if we're actually seeing it's because employment levels and employment rates are going down, that'd be a concern, I'd say. And I think that's something to watch out for between, like, this report, next report in December. I think that's like we have, like, we have a lot on the cards for, like, just the risk of something kind of toppling over because I don't really see like an impulse that's going to hit the data right away. One of the really telling things from the ISM services PMI that I think you would appreciate it was anecdote from the construction sector. Housing construction continues to struggle with high interest rates. While the recent half point cut is encouraging, it may take another 150 basis points to move the needle in sales, labor and heating.
Impact of Interest Rates on Construction Sector
H vaC regulations continue to be a drag. Construction last month, just the idea that like we're only like the very, like a lot of what's happened in terms of Fed cuts was already priced in and we already have a lot of cuts priced in. So that what it takes to move the needle on like a new innovation in long term interest rates and the elasticity of like real, the real economy to Fed policy may not be quite as strong as people expect. And I think when it comes to financial conditions, we have a two tier economy right now. Wherever the Fortune 500 really hasn't had financing cost of capital issues throughout this, especially now that cuts are priced, everybody can borrow in the corporate bond market for 5% or less.
Small and Medium-Sized Businesses and Economic Recovery
I don't think Costco is waiting on their borrowing costs falling 50 basis points to hire more people. So we really need small and mid-sized businesses and consumers back in the game. And for them, I really think it's going to take fed funds much closer to three, which at the moment is going to be, you know, through until the middle of next year that we get there. Yeah, I mean, I've been thinking about this more also in terms of like where do longer term rates need to go? Because longer term interest rates are like, in terms of where like risk free rate is like around the high threes. We probably need to figure what, we probably need something closer to lower threes if you kind of take slow down into account.
Challenges in Achieving Lower Long-Term Interest Rates
But getting to low threes on like tens or anything else is actually a lot harder when like you already have so many cuts priced in, you're still not at the low threes. Right. So it's kind of, it may take a lot of cuts to kind of drag the whole curve down with it. Right. And that's like kind of, there's at least a risk out there. Obviously, like maybe the case, the slowdown is not that serious and we're going to see more signs of robustness and strength. Obviously things like jobless claims have looked better. I will warn jobless claims is an example of a data that one, a lot of data quality issues.
Concerns on Jobless Claims and Employment Dynamics
There are obviously are sometimes issues when fraud picks up and doesn't goes away. But more importantly, people who were on UI during COVID in a lot of states may not as easily be able to get back onto unemployment insurance if they're let go or if they just have their, whatever labor arrangement has ended, they may not be laid off per se. I think in terms of where the tenure needs to go. My view, and the nice thing about what we do is that we cover data every week, every month, and we can revise our view based on the data. But at the moment, I think we're going to ultimately see fed funds settle in the low twos in the ten year, probably three to three and a quarter.
Fed Policy and Economic Projections
And so the Fed will need to believe that they need to get to stimulative policy, which they're not ready to do yet. But that's sort of how I'm thinking about where this is ultimately going. Yeah. And look, we've had, obviously a lot of things that have happened in the last call it week or so. People are more attentive to the idea that maybe like the economy is more resilient and your yields have moved up to 385. So we have seen some move in the other direction. And people obviously worry about oil price risk from geopolitical events. Maybe the port strike, that should be out of the system. Now.
Current Economic Conditions and Ongoing Strikes
We do have a Boeing strike, which is ongoing, 33,000 workers. Yeah. And so these are all things that I think are going to get messier as far as, like, I still think the risks that are pretty present. Maybe today's data changes our minds about like, the trajectory on the labor market side. But it is interesting that we've seen this kind of backup in yields at a time when I don't think the labor market trends, especially if you took the jolts data, especially the more robust aspects of the jolts data at face value, it kind of would suggest, like, there is like a, there's still a slowdown in train, even if, like, it's a month late.
Anticipating Future Job Reports and Economic Indicators
We've had some okay jobs reports in the past six months, but it's, I don't know if we all this year we've had a jobs report that's made me think about something better, about the economy. We've had definitely things that make me feel worse. And then there have been some where it's like, okay, I guess this month wasn't so bad, but onto the next. And that's kind of what I expect this one to be. I don't really think, especially since we know that the hurricane is likely going to impact October, whatever one, whatever this month ends up being, I assume next month will be worse.
Impacts of Natural Disasters on Economic Perceptions
Yeah, I think so. I think there, this is honestly, I think about the hurricane stuff and how that will probably already color people's perceptions going into that thing. This is probably the last clean jobs report, new jobs, the last clean jobs report before the election. Right? So if we think like, so we're kind of into this final data cycle from here for those who are more politically or electorally minded, but it obviously changed some, like how the media is going to cover the economy from here. And unemployment rate. One thing that kind of flag is like the unemployment rate in not seasonally adjusted terms tends to drop quite substantially from August to September, usually because of education related hiring.
Seasonal Factors in Employment Rates
But that obviously goes, that's a wash in seasonally adjusted terms. I'm kind of curious what that education hiring impulse is going to look like. That's probably going to color where we land on the unemployment rate in.
Initial Observations
This. Time around because you kind of need a big fall in the not seasonally adjusted unemployment rate for us just to stay stable. Right. Like something like 0.3%, 0.30.4. So this is like the bar is kind of like high, obviously. Like yeah, there are seasonal factors that why we do seasonal adjustment, but this stuff can sometimes interact with some fundamental issues, too.
Seasonal Considerations
And speaking of seasonals, we have had over the past couple of years, the q four slowdown, q one acceleration. Whether or not it's real or just seasonals, that is something to be mindful of as we head into the latter part of the year. Yeah, I have a really hard time with the thrust of there's going to be some big maybe we see like that job growth isn't slowing quite so quite as fast as we've been observing.
Future Predictions
I think that's possibly the upside scenario, but genuine reacceleration is actually a lot harder for me to foresee at this juncture. Maybe talk to me in January. I might have a different view because maybe some of the Fed's cuts and some of the FCI easing and some of the uncertainties going away start to really have a positive impact.
Labor Market Analysis
But we just don't have a good way of, we don't have a good way of thinking about the labor market reaccelerating because it's only really happened a couple of times in our careers, like late 2003. And then, you know, at some point post GFC. And so it's just really hard to make that bet. Because it's just so rare and it's hard to predict. Yeah, I mean, I think you could have said there was a lot of.
Data and Trends
There were some local reaccelerations in 2010s, but it was all pretty low. It felt pretty low volume because like non farm payrolls looked pretty low volume, especially after you like, did all the revisions. It just looked like it stayed like at the same place for a long time. In terms of payroll growth, something around two hundred k. One hundred eighty k. But now.
Looking Ahead
Yeah, I think there's like, we've both seen some innovations and it's hard to. It's hard to square this stuff precisely as far as where we're going to end up. We should probably run down some of the. Yeah, okay, I'll do that. In terms of what people are looking for, $150,000 non fund payrolls, 125 for private payrolls. Unemployment rate flat at four, 2.3% average hourly earnings, which would keep year over year wage growth at 3.8% and flat participation.
Anticipation of Outcomes
I would probably take the under. Sort of expecting a little bit of a pickup is surprising to me, especially after August was a pickup, 1st July. So I probably go like 125 and 4.3, something like that. Yeah. I think if I take some of these like, recent labor force flows seriously, we've seen a pickup in female unemployment from employment in the last few months, which should be a little bit of a concern, at least that would suggest to me you're probably 4.3.
Volatility in Unemployment Rate
It's not crazy to think we could get a 4.4 just given some of the seasonal factor issues that color August to September. So, yeah, I mean, look, it's unemployment rate. It is actually kind of volatile month to month. But calling for four would be a little too aggressive, I'd say. But 4.3 is not that crazy. And it's interesting that's not in consensus, to be honest.
Market Dynamics
We've seen vine yields pick up recently and it's unclear. There's just a lot of macro noise right now because you have the Middle east stuff, oil, and then also the china stimulus, which has gotten at least financial markets excited. So it's possible that some of that rise in yields is due to one of those things and not people necessarily expecting a big report today, but we will find out in about 68 seconds.
Impending Results
Yep, that's right. It is. We're kind of in a world where I'm kind. I don't know, I just think this is like, you could easily see the narrative shift pretty decisively after today. And I think if you saw. Yeah, I think it remains a guilty until proven innocent labor market, but I think the big shift today would be rising unemployment, lower payrolls, and especially if prime age employment population fell, that would get the.
Caution in Analysis
We're at full employment people off the. Off that view. Yeah. I think right now it's the time for just caution and a lot of risk management. And so there's a lot to be proud of over the last few years, but we should probably be especially careful at this very juncture.
Pre-Report Thoughts
Right. So, yeah, I guess we're handfuls of seconds away. Yeah. And I do think the interest rates could move quite a bit if we get a big outlier in either direction. I think so, too. I mean, I think there's been pretty big moves past week. Okay, 254. Wow. Okay. All right.
Results Unfold
That's going to move things. 4.1% unemployment. So we need to. And revised up. So. Okay. We definitely need to figure out what's happening here. Yeah, this is a pretty strong report. You said that the headline looks super strong.
Concluding Thoughts
Opposite direction of what were looking for sure. And I think that's clearly going to take some of the likelihood of a 50 basis point cut off the table.
Discussion on Employment Rates and Hurricane Francine
we have. Yeah, 4.1%. 254k. There is a note a little bit about Hurricane Francine in there. I don't think that should have been a huge issue. But overall, like 203 for. For. Sorry, for at least have, like. Yeah, so we do have. It is very heavy in terms of the lower quality industries. Education and health was 81,000. Leisure hospitality was 78, government was 31. So that right there is about 200. But no one's going to nitpick too much with a number that big.
Surprising Construction Employment
The one thing surprising and sorry, my feed was kind of struggling to populate the construction. Employment continues to power through. Right. Which is just like very surprising. We have 25k in construction and I realize a lot of that's not residential. It's still hanging in despite, like, major residential construction headwinds. I guess this is encouraging. On the whole, we obviously had a stable participation rate, so on the surface, this doesn't seem like the unemployment rate is just going down for the wrong reasons.
Aggregate Weekly Payrolls
A stable participation rate should be good news on an age adjusted basis. Yeah. Aggregate weekly payrolls for. Oh, sorry. Aggregate weekly payrolls only group, .2, which is surprising, I guess. Hours were down, so maybe there was a little bit of softness in here. But again, people are just going to focus on 254 and 4.1. What do you got? Yeah, the primary employment rate is flat at 80.9 again, so it didn't make a new high.
Stable Employment Rates
It's clearly holding in at whatever we've been at in seasonally adjusted terms. And that would be, roughly speaking, just about flat relative to what we saw a year ago. Yeah. So we're doing the exact same things we did a year ago in terms of employment rates. On the whole, given our concerns, this is probably a pretty good report. I don't think it changes the actual slowdown in terms of the household survey, which is basically telling you there's no deeper deterioration.
Market Reactions and Future Projections
But there's also not really a big pickup either. So I think, like, it puts 650s off the table. It probably does lead to some level of bond market sell off here. I'm sure it's already moved, but I think that's like we're going to still be talking about why. How much does fed really need to cut? It's probably going to be the simplest reaction to the current information. Well, and you're going to see, again, assuming this bond market move holds mortgage rates today over 6.35% again, which raises the question about where those need to go to get housing going.
Evaluating the Impact of Employment Numbers
But, yeah, certainly report this strong is going to push off any excess concerns of weakness until next month's jobs report. Inflation could be lower, which would be good, but just a number this big is going to push off concerns for at least a few weeks. Yeah, I think at the very least, it certainly lowers the probability of a 50 basis point cut in November. And it's possible that the next jobs report does something that changes the Fed's assessment or else the inflation data itself does that, too.
Unemployment Rate Considerations
So those are two things that are in the way, but, I think for now, there's going to be, like, a lot that's going to feel pretty confident about having a 25 baseline. the unemployment rate projection might feel a little more stale, but, it's looking like a, a pretty, like solid result in terms of, like, all things considered. The unemployment rate going down, though, is also like. Yeah, I think it's probably for media and sentiment concern.
Media Coverage and Future Focus
Consider considerations. this is not going to be a big headline, I'd say, for the rest of this month. I think if we had a 4.3 or 4.4, I think the media would be writing a lot more stories about Lincoln than they are now. I think for me, this sort of takes the macro data off the table for a month, and I'll be more focused on earnings for the rest of the month because it's sort of. Okay, well, I don't really care that much about industrial production or retail sales compared to the jobs report.
Labor Market Sentiment
Yeah. I think the labor market data was front and center. And what you're seeing now is that while it may breed a little bit of complacency in terms of saying like, oh, slow down over acceleration afoot, I think that there isn't like, actually. You don't have that three month trend to point to the way you did. Yeah. So it's not looking quite so ominous. And that itself is kind of information and innovation.
Forecasting Unemployment Rates
Well, it's kind of like, yeah, good. If the unemployment rate is going to go north of four and a half percent, you can now push that view off into 2025 instead of October. Yeah, I think that's right. And I think it's in general, like we both were more on the side of caution coming into this one. And at least on the surface, I think some of the sectoral composition does look a little softer. But on the whole, like, it's not bad to see like the unemployment rate fall, employment, population rate still staying at peak.
Interpreting the Results
This is not a bad result by any stretch. And certainly in the context of a slowdown, maybe this is the first sign of what basing looks like. Maybe it's the start of some, maybe the slowdown is getting a little less intense. That might be the description that we attached to this report. All right, cool.
