Humberto Boellert

So this is new job hiring rate?

Tom, your reaction to that?

So I see what you're saying, but I'll stand by the fact that we could talk about jolts or we could debate headlines.

You can see the way The Wall Street Journal has been playing headlines.

And so this may be a seed or, you know, the iceberg above the water and the iceberg below the water is much bigger and more complex.

I'll give you that.

And I'll agree with that.

My thought is I really want to understand beyond the hiring what else they're doing.

So if hiring has been in a collapse, like if you go take a look at – if we go to FRED out of St.

Louis, the Federal Reserve Economic Database, and we go take a look at second jobs, and you look at full-time, full-time, full-time, part-time, part-time, part-time.

Yeah, that's a three.

Then you look at those charts and you see that second jobs are up.

You say, well, either that's a sign and are even up more on Gen Z. Is that a sign of entrepreneurial enthusiasm or is that a sign of I have to have a second job to make ends meet?

And so I think you can look at it, look at it both ways.

Yeah, exactly.

I agree, Pat, with what he's saying, that if you have long-term systemic issues with youth hiring, that it is a symptom that more often than not is related to economic issues.

I agree with that part.

I also think that anything to make this economy look not as sweet gets played up by the current business.

Maybe obscure stories that are really true.

Right.