Rick Rieder

Well, first of all, it hasn't been jobs day in a number of months anyway because we're not getting any of those.

I think the last three months we've had negative – we had a government shutdown, but we still had negative jobs.

Listen, I mean, it's a little trickier when you don't get the actual published reports.

The markets pivot off it.

By the way, the volatility markets, you strike a lot of options in and around volatility.

those dates.

So it does create a little bit of trickiness.

That being said, I mean, particularly for jobs, and we've talked about it a number of months on your show, you look at what we got yesterday, you look at the JOLTS report, you look at the Challenger job cuts, you look at the claims data, you look at the ISM services in terms of jobs, like

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.

Yeah, the answer is yes.

I think people don't look at jobs and look at this economy like it was 20, 30 years ago.

You have an extraordinarily different economy, service-oriented versus goods-oriented.

But you've got an economy that's operating incredibly well, but only on a couple or three cylinders.

Today, you've got, like you pointed out, you've got CapEx that is robust and will continue.

You've got consumption that is robust, but it's driven by wealthier, older savers, and it's part of why the interest rate tool is not nearly as effective as it used to be, because that cohort is doing extremely well, where the burden today is

is in terms of low income, small business, younger people.

But when you aggregate the data, and I hear a lot of people talking about, oh my God, the jobs market is softening, the economy's gonna come under pressure.