Yeah, I think that the way to think about what was going on, right? It's over the last couple of quarters because of the success of President Trump's policies. We've had about almost 4% growth. And we were looking, we were carrying that momentum into this quarter, but then because of the shutdown, I think the estimates from C.E.A. and Goldbid are that it's going to knock maybe one to one and a half percent off of that trajectory. So we're looking for lower growth of the quarter. The question is when does it all come back? And I think that some of the stuff is lost forever. and some of it isn't. But I would guess by the first quarter of next year we'll be back at the three or four percent growth pace.

Yeah. Yeah, you know, I haven't been briefed on that yet because there's been quite a lot of disruption because of this terrible shutdown. And so for example, I've had told that some of the surveys were never actually completed, so we'll never... perhaps even know what happened at that month. So we're going to be staring a little bit in cloudy. weather for a while until we get the data agency's backup.

Well, you know, the thing is as you said that we don't have the actual bottom line right now, but one of my old friends and one of the best Wall Street economists, Torsten Slach, you know, put out a summary of all the labor market indicators and on average at his newsletter it looked like. things were still pretty positive. But not as high as it was the first term of the Trump administration. But if you consider that we're also doing things like an immigration policy that's cutting the number of workers, the fact that we're still gaining jobs and reducing our play that is something that we expect. that's something that came up today in NFIB. We mentioned it in the last hour, the percentage of employers who think quality of labor is the number one problem up nine points. That's the biggest month on monthjump we've seen in a while. You think that is related to restrictions on labor supply? Well, I think it's also the case that one of the things we're seeing, like you saw what an incredible earnings season it's been because AI is making workers way more productive. You know, we're seeing that it's making wages go up a lot and it's also making firms more productive. I think that smaller firms are behind the adoption curve for AI a little bit. And so that probably explains why surveys could count, you know, on people say, I wish I had better workers. I think basically what's happening is that... firms. everywhere what workers they understand how to use AI tools.

Well, I think the way to think about it, right? It is that the AI is making it so that people can run their business better. I don't know if you've ever tried to defeat an AI at chess, but you can't, right? And so, imagine you got this really complicated chess board of a business, and now all of a sudden, AI is helping you run it better. And that's why we just had a record for success in terms of positive earnings surprises, because the firm said then accelerating their profitability and productivity so quickly of the workers have as well. Really the adoption skyrocketed. this year. And already we're seeing it in the bottom line data. And so it really is an incredible productivity boom. You know, the productivity data, do you remember back in the computer age? Everybody was saying, well, the product activities everywhere are a bit of the data. But right now, we're looking at about 3% productivity growth. And that's probably going to revise up once we get the data better in the future. Usually these benchmark revisions make productivity go higher than there's a tech boom. So think about it. You got underlying 3% productivity growth. That means if you get labor stock growth and capital stock growth, then you're really looking at blowout. positive growth and you're doing it from the supply side so it's not really inflationary. So I we're really really bullish. on what's going on in the economy. I'm really grateful for the senators that did the job and got the cooler heads and got the cut. and the government opened it up.

Well, again, the reason that the AI firm certy successful is that their customers are being successful. And their customers are being successful because there's this massive positive technological change, which is improving the productivity of workers of the profitability of firms at a remarkable rate. And I think that if you look at year over year consumption growth, it's about 6% nominally. If you look at investment, capital spending is a massive capital spending moon and it's not. just in the AI space. And so I think that the AI is part of the story, but the rest of the story is that we just had this big beautiful bill, which was like what are the more powerful tax stimuli that we've ever seen, because it not only did this stuff we did last time on the corporate side. but also helps supply side tax cuts for workers with no tax ad tips, no tax out over time and so on. And so we shouldn't be getting a big increase in labor supply and investment and that's the kind of thing that gives you. a boom without constant complacency.