Courtney Brown / Kate Davidson (reporting lines chiefly Courtney Brown)

Yeah, well, I think that we've obviously been paying very close attention to all the private sector data that we've still been getting.

It's not a replacement for the

sort of gold standard government data.

But what we've seen and we've heard Fed officials talk about is that a lot of that data suggests the labor market has continued to cool.

Now, how worried should we be about that?

How bad is it?

It's

kind of depends on how you look at it.

I mean, we have continued to get layoff data, that is filings for jobless claims from the states each week.

And that gives us a sense that those claims, the continuing claims, so people that are staying on uninsurance, they're trending higher, but they haven't spiked.

New claims haven't spiked, even though we've seen all of these big layoff announcements from companies that are reporting earnings.

So I think that the labor market is not great, but hasn't

drastically deteriorated since the last time that we saw a snapshot of it.

Oh, don't make me pick, Kai.

Don't make me pick.

It's like picking and asking a parent which of their children is their favorite.

Okay, if I had to pick, I think I would go with...

I'm going to go with the jobs data just because there is this schism on the fed committee right now about yes, the labor market is flowing, but is it due to factors that the fed can't really solve for?

Like, you know, um, the immigration crackdown that that's causing perhaps the shortage of workers, uh,

ai related developments it's not that the jobs report would totally answer that question but i think i just want to know what's been going on with the labor market in september and in october and as kate says we've had this private sector data but i don't know it doesn't hit the same it just doesn't hit the same i i i hear you kate same question but put yourself in jay powell's shoes what piece of data do you think he most wants to see