Rick Reeder

crystal clear.

Look at the JOLTS report.

Look at the Challenger job cuts.

You look at the claims data.

You look at the ISM services in terms of jobs.

There's no ambiguity around where we are in the job market.

We're having a really tough time.

We're watching productivity explode higher in terms of growth being really good.

But a job market, that's really tricky.

You hear the discussion about CapEx and the CapEx was too high.

And, you know, I would argue there's some other things at play there.

CapEx is your moat.

CapEx and R&D spend are the way companies can build their moat.

And it's actually data utilization.

And the companies that are exploiting data that are building bigger moats, that is at the core of what is happening.

This year, you're running at a number where we just saw 50,000, 39,000 was in health care.

Point being, and part of why, you know, I think the interest rate tool doesn't really affect health care.

It doesn't really affect education, which was another part of the job market.

Meaning, I think we're just seeing a productivity revolution.

I mean, you break down the numbers, you really look at it, it's pretty extraordinary.