Claudia Sahm

That kind of pattern is something of a we're in a recession or the year after a recession.

That's when you see those kind of pace.

But actually, right now, that's a labor market that's doing pretty OK because the amount the number of jobs the economy needs to create to keep up with the workers coming in is really low.

It's it's

practically close to zero.

So that means in any month you've got weather, you've got some kind of shock.

We just have some noise in the measurement of the data.

We're going to have this bumping around zero, some declines, some positives.

And so I think this is a normal we're in, which normally should send off like recession is coming.

We're in a recession, but that's not what this is.

We are in a low growth.

type of economy.

A lot of discussion already about in terms of payrolls.

I think, you know, in a moment today where we get GDP, we got to understand that's going to start showing up in those GDP numbers too.

Low is as good as it gets.

Well, the real wage discussion is there's a lot more to that.

What we've seen is the real wage is not reflecting all the productivity gains that we've had.

And wage growth, nominal wage growth is still slowing.

So we're not seeing the gains of this having fewer workers.

So we're not like in a shortage economy where the tables are turning and workers are getting the upper hand.