Kai Risdahl

I wrote a story that said that momentum was the story of February, and then 8.30 this morning hits, and it's like, oh, never mind.

Maybe the strong job gains that the government reported in January was a little bit of a head fake, and maybe the story really has been intact the whole time.

That

This labor market has a very soft underbelly, and that's a concern for everyday Americans, for economists, and for the Fed.

I love how you started with, wait, and you're like offended at what the data said.

I'm upset.

Sudeep Reddy.

No, look, I hear you, man.

I hear you.

Sudeep, if I use the word stagflation now, because economic growth is happening still, but look, there's a war on and oil prices are up and who knows what's going to happen.

And inflation is still too high.

Is stagflation, am I bringing that one out of the barn too early?

It's something we should worry about.

The overall growth rate in the economy has actually been fine.

It's just the job market has been extremely weak.

Inflation has been a touch too high.

Neither one of these is at disastrous levels or basically at...

stall speed with the job market.

If you look at the trend, we've had, I think, probably half of the last nine months have had negative payroll numbers.

So that's not a good place to be.