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Speaker 1: Bloomberg Audio Studios, podcasts, radio news.

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Speaker 2: This is a breaking news update from Bloomberg, instant reaction

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Speaker 2: and analysis from our three thousand journalists and analysts around

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Speaker 2: the world.

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Speaker 3: I'm Alexis Christophers, and these numbers just crossing the Bloomberg Now.

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Speaker 3: The Labor Department says the US economy lost ninety two

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Speaker 3: thousand jobs in February. That is worse than expected. We

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Speaker 3: were looking at an additional fifty five thousand jobs, and

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Speaker 3: of course this is compared to January, when we added

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Speaker 3: one hundred and thirty thousand jobs. The unemployment rate ticking

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Speaker 3: up to four point four percent of the estimate there

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Speaker 3: was four point three percent in the prior month was

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Speaker 3: four point three percent. Checking wages month over month up

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Speaker 3: slightly to four tenths of a percent, estimates were for

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Speaker 3: three tenths and earnings year over year also a bit hotter,

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Speaker 3: three point eight percent versus the three point seven percent expected.

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Speaker 3: But again the headline here the economy lost many more

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Speaker 3: jobs and expected ninety two thousand in the month of February.

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Speaker 3: Estimates were for fifty five thousand. We also just got

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Speaker 3: retail sales numbers out for the month of January and

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Speaker 3: they were down two tenths of a percent versus the

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Speaker 3: estimate of three tenths of a percent. As for market reaction,

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Speaker 3: it is swift. The Dow futures now down more than

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Speaker 3: four hundred points s and P futures off sixty four guys.

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Speaker 2: Claudia sam this as we continue with all of our

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Speaker 2: good work here. These are the kind of numbers, Claudia,

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Speaker 2: where amateurs like me go, okay, that means diminished GDP.

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Speaker 2: Is that correct that all of this sun's back to

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Speaker 2: a lesser real GDP where we're on the sum recession watch.

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Speaker 4: So not necessarily you know this so clearly these numbers

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Speaker 4: from February are not in like you know, checking the

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Speaker 4: box on signs of stabilization in the labor market. Right,

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Speaker 4: we're losing jobs and I'm glor ready ticked up. This

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Speaker 4: is not a good sign. This actually sits pretty consistently,

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Speaker 4: especially if you'll get the last three months with what

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Speaker 4: we saw all of last year. The US economy last

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Speaker 4: year created almost no jobs on net right, and at

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Speaker 4: the same time consumer spending increased business investment and create

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Speaker 4: GDP rows for the year on on trend right, it

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Speaker 4: may we can talk about concentration.

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Speaker 5: We can talk about what sectors.

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Speaker 4: It's in, but we have already been for a year

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Speaker 4: in a jobless expansion. So unfortunately, what the February data,

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Speaker 4: with this latest labor market data suggests is that's still

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Speaker 4: where we're at right And we have been looking for

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Speaker 4: signs that hiring was picking up, and you know that

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Speaker 4: January gave some The January employment report gave some signs

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Speaker 4: of that. January still is a really strong number, even

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Speaker 4: with down revisions. It's all, you know, it's close to

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Speaker 4: one hundred and thirty thousand still, But I mean, clearly,

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Speaker 4: to lose ninety thousand jobs on net in February is

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Speaker 4: a real problem, Claudia. Or it's a it's a we're

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Speaker 4: not creating jobs.

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Speaker 5: It's that question.

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Speaker 4: Is it a problem? That's a whole separate And this

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Speaker 4: has been a really difficult conversation to have. But we've

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Speaker 4: been in this for well over a year now.

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Speaker 6: So Claudia, what's it? What do we know about the

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Speaker 6: supply of labor? We know that this administration is effectively

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Speaker 6: closed down the border, reducing supply of labor to some industries,

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Speaker 6: you know, whether it be housing, construction, agricultural, hospitality. What

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Speaker 6: do we know with a year's worth of data here

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Speaker 6: as to the supply of labor.

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Speaker 4: Well, the estimates with immigration come in. It takes some time.

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Speaker 4: We have you know, updated estimates from the Census Bureau,

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Speaker 4: we have updated estimates from Congressional Budget Office. They're pulling

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Speaker 4: in a lot of different pieces of data. These are

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Speaker 4: still in flux, but it is very clear directionally, and

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Speaker 4: it's also very clear in terms of magnitudes. These are

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Speaker 4: large down shifts and immigration and immigrants have been kind

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Speaker 4: of on the margin additional workers in recent years. So

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Speaker 4: it does like directionally this makes sense, and I think

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Speaker 4: that is important to keep in context these shifts in

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Speaker 4: job creation going from you know, hundreds of thousands of

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Speaker 4: jobs created on net not that long ago, to not

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Speaker 4: creating any and if maybe even destroying jobs on net

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Speaker 4: in the US economy, Like that is a dramatic shift,

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Speaker 4: and the unemployment rate has drifted up I word, four

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Speaker 4: point four percent. So like we have to keep the

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Speaker 4: like the magnitudes and the drama on the payroll side.

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Speaker 4: It's not just about we can demand it is this

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Speaker 4: supply and that's a policy choice. But keep an eye

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Speaker 4: on like the unemployment rate has drifted up, and that

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Speaker 4: is there is still a problem. This is not just

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Speaker 4: about supply. We don't have enough demand for workers.

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Speaker 2: I mean, Claudia, do your point in a flat economy.

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Speaker 2: I just did a three month moving average, folks in

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Speaker 2: the back of my HP twelve c oh.

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Speaker 5: Yeah.

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Speaker 2: And the bottom line here is we've generated five tho

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Speaker 2: six hundred and sixty jobs over the last ninety days

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Speaker 2: per month. I mean that is I've never seen it.

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Speaker 2: That's like a flat economy. I have, Claudia quickly here.

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Speaker 2: I mean, there's a lot of negative statistics. Claudia, what

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Speaker 2: does a FED do with this information? If labor man?

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Speaker 4: So they're watching They're watching all of this very carefully.

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Speaker 4: I think the unemployment really does some a lot of

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Speaker 4: this up. The fact that you know, the unemployment rate

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Speaker 4: did tick up. We're still at low levels, but it

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Speaker 4: has been drifting up gradually. They're going to keep I mean,

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Speaker 4: this returns some attention to the downside risks to employment, right,

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Speaker 4: it's all about the employment risks. The inflation risks today

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Speaker 4: brought some of those employment risks back into focus. But

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Speaker 4: this is still largely a labor market that looks like

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Speaker 4: it's working relatively well. Not a recessionary dynamic, but a

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Speaker 4: very unusual dynamic.

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Speaker 2: Okay, it's unusual, but I mean there's a lot of

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Speaker 2: people flat on their back in this country.

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Speaker 5: Claudia saying, cut interest rates.

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Speaker 2: If Waller in company, goals be in company, Hasset in company,

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Speaker 2: if they cut interest rates, does that help the labor

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Speaker 2: economy or is it now removed?

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Speaker 4: Cutting interest rates is a way to stimulate demand, whether

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Speaker 4: that's you know, consumer is going out making bigger purchases

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Speaker 4: they have to take out, you know, on their credit cards,

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Speaker 4: buying a home, businesses making investment equipment and software like

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Speaker 4: it's a channel that can help.

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Speaker 5: It is not all powerful.

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Speaker 4: It's a very blunt tool, but you know that's the

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Speaker 4: tool that fed's got, and it is very clear from

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Speaker 4: this power FED they will defend the labor market if

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Speaker 4: they need to.

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Speaker 2: Doctor Sum, thank you so much for supporting us in

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Speaker 2: your note and all your work with this. Claudia Sum

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Speaker 2: with us this morning with New Century Advisors, we said

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Speaker 2: good morning here with the futures, negative forty went to

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Speaker 2: negative sixty. Now they're back negative fifty two on futures.

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Speaker 2: The vix out two big figures twenty five point a two.

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Speaker 2: Be sure Nadia doesn't leave the studio here just to

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Speaker 2: see the vix out that much and go, I gotta go.

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Speaker 5: Bloomberg excuvinglet's this morning, this job's day. It's brunching by

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Speaker 5: ibk R.

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Speaker 2: Well, the year over year change in the USCPI will

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Speaker 2: exceed two point six percent this February.

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Speaker 5: Turn your view into.

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Speaker 2: A trade at I b k R dot com slash

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Speaker 2: forecast last trading day. It is March eleventh. One of

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Speaker 2: my favorite things. It's like the Miserable Winter. It was

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Speaker 2: a great song Arlo Guthrie sang it Northampton Winter. That's

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Speaker 2: what it was like at Smith College.

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Speaker 5: Joining us now.

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Speaker 2: Nattie lovel here from the Union Bank of Switzerland, Israel.

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Speaker 2: What was the coldest morning at Smith College? I mean

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Speaker 2: there must have been one where you just said, this

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Speaker 2: is terrible.

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Speaker 1: Terrible, especially since I'm from an island, so it was

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Speaker 1: quite brutal.

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Speaker 5: You were not used to it.

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Speaker 1: I was not used to it at all, so I

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Speaker 1: was just it.

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Speaker 5: You were forced to study as well. Thank you so

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Speaker 5: much for coming in.

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Speaker 2: I just with a geopolitical shock and with this economic data,

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Speaker 2: someone with a measured view do they just sit back

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Speaker 2: and watch the show unfold, or is this a point

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Speaker 2: of action for ubs?

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Speaker 1: You know, I'm still in a studio idea and escape.

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Speaker 1: Although when I did see the numbers, I said, oh,

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Speaker 1: this is not a good combination right now, particularly, you know,

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Speaker 1: because the narrative had been that there was stabilization in

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Speaker 1: the labor market, and then this is causing questions to that.

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Speaker 1: And it's a little surprise. And just given the data

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Speaker 1: that had been coming through initial jobless claim and also

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Speaker 1: some of just a survey page book said that there

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Speaker 1: was stabilization. So this is a little bit perplexing and

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Speaker 1: put the FED in an opposition at the same time

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Speaker 1: that you have inflation risk rise and geopolitical tension. But

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Speaker 1: it's I would say, at the core, you know, it's

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Speaker 1: too early for us to fundamentally change of you and

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Speaker 1: so sort of stay the course, stay invested in this.

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Speaker 1: Do we have to reassess some potential rise and risks

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Speaker 1: around where markets could go in the next few months. Absolutely,

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Speaker 1: you know, in terms of like do we want to

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Speaker 1: take on more defensive position and we're not quite there,

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Speaker 1: and yet we need to see a little bit more

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Speaker 1: data because we know that there's some discal locations and

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Speaker 1: pucuriarity that can also happen in the labor market.

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Speaker 5: Nattie.

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Speaker 6: One of the challenges I guess for this market is

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Speaker 6: that it's been led for the longest time by technology

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Speaker 6: information services. The names we all know, maybe the mag seven,

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Speaker 6: but broader than that, those stories are now under pressure.

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Speaker 6: The AI story is kind of morphed a little bit,

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Speaker 6: and it's not just a net positive for AI. Now

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Speaker 6: people are asking tough questions, how do you think about

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Speaker 6: tech as a leader in this market.

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Speaker 1: Uh, you know, we did down gray tech and comm

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Speaker 1: services to our neutral So that's an indication to us

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Speaker 1: that is no longer going to be a leader of

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Speaker 1: the market. Now, that's not to say that is going

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Speaker 1: to continue to drag down the market. We do hope

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Speaker 1: to see some stabilization in tech. You know, the AI

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Speaker 1: tails are still there structurally, but you'll obviously you see

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Speaker 1: volatility pick up and so you have to be a

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Speaker 1: bit more selective in this area. It's not so much

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Speaker 1: about the sectors. The way how you position across the

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Speaker 1: AI value change. That's a distinction that you're seeing because

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Speaker 1: you know the beneficiarrea of the capex spending has really

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Speaker 1: been the semiconductors as well as and then memories. Software

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Speaker 1: is under pressure and so we I think that it's

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Speaker 1: about more about you know, positioning properly across AI valution

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Speaker 1: and not so much within the not so much about

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Speaker 1: the sect as a whole.

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Speaker 2: Not in lovel with this ubs growth of global wealth

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Speaker 2: management you published, Thank you for publishing your target here

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Speaker 2: for December.

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Speaker 5: You're in nine months away and it's a double digit view.

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Speaker 5: There's an enthusiasm here.

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Speaker 2: How do you acquire shares given the hour by hour

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Speaker 2: buffeting we're getting right now Brent crude eighty nine dollars

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Speaker 2: twenty nine cents, But you're basically saying into the next year,

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Speaker 2: acquire shares.

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Speaker 5: Right basically, you know.

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Speaker 1: And I think it's because, again we know, geopolitical rates

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Speaker 1: and shocks so I tend to be short lived and

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Speaker 1: while they can cause them near term volatility, well sort

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Speaker 1: of see how things play out in the next couple

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Speaker 1: of weeks in the Strait of Hormus and if if

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Speaker 1: oil the flow of oil can resume in a meaningful way.

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Speaker 1: We think, if that happens, and you should see some

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Speaker 1: normalization in energy prices, and that's why we think that

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Speaker 1: ultimately crude oil brent will get back down to sixty

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Speaker 1: seven dollars by the end of the year because there

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Speaker 1: is excess capacity in the system sixty seven dollars brent

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Speaker 1: by the end of the year. Because we do think

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Speaker 1: that there is you know, capacity in the system. What's

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Speaker 1: caused and despite we know is just concerned about the

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Speaker 1: disruption near term, and we know that geopolitical risk markets

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Speaker 1: tent to bounce back. Now again we'll see where you know,

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Speaker 1: GDP kind of comes in. We know that there's consumer

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Speaker 1: stimilus coming from the tax returns. Let's continue to watch

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Speaker 1: the labor markets. And so when we look at the picture, now, yes,

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Speaker 1: this job reports does you know, cause us for a

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Speaker 1: pause to reassess a few things. But when we look

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Speaker 1: at the picture collectively, even before today, it felt like

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Speaker 1: this economy was on pace for above trend GDP growth

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Speaker 1: and that's still our core view. And so if you

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Speaker 1: have that as well as earnings growth at double digits

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Speaker 1: and the broad in and out we all having that

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Speaker 1: broad in out right, I think you can get you know,

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Speaker 1: to double digits by the end of the year. And

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Speaker 1: we've seen that in past periods. Where you've geopolitical shocks exact.

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Speaker 2: The first time Nattia level Wood in the Iron Horse

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Speaker 2: Cafe in Northampton. Well, I've never seen a market slash

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Speaker 2: economy like this. It's nuts taking the labor economy. We're

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Speaker 2: flat on our back. That's the summation. And the GDP

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Speaker 2: numbers are.

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Speaker 6: Like shocking, shockingly they're hanging in there. I mean, so

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Speaker 6: we have seen a rotation starting lay last year out

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Speaker 6: of some of the tech names that you were talking

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Speaker 6: about into some more industrials and maybe small and mid cap.

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Speaker 6: Is that something you guys embraced. You think that's a

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Speaker 6: longer term trend we.

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Speaker 1: Have and you know we did upgrade industrials in the

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Speaker 1: last month or so, and that really again it's like

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Speaker 1: planning into that you know cyclical uptick that we do expect.

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Speaker 1: You've seen you've seen in em you know, manufacturing services

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Speaker 1: all above expectations in the most recent numbers above fifty.

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Speaker 1: And then you also have you know, defense spending that

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Speaker 1: we expect to continue to be robust and increase. And

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Speaker 1: then the structural growth story that's how industrustals is the

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Speaker 1: electrification story and a build out of electrocal growth, grace

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Speaker 1: and monetization and around AI and so we do think

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Speaker 1: that that cyclical story feels like it's still intact, and

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Speaker 1: you want to have some exposure balance in the portfolio,

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Speaker 1: not just structural growth, but also some cycicle.

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Speaker 5: Can you come in on Sunday?

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Speaker 1: You know, Tom, You know I was working this past Sunday,

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Speaker 1: so I can't be here, but I won't be working.

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Speaker 5: I'm going to just rip up the script right now.

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Speaker 2: Not a level with this out of Smith College and

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Speaker 2: I buster chops, but we're talking double major mathematics physics.

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Speaker 5: I want you to talk to everyone listening across.

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Speaker 2: This nation about the motivation necessary, all the biases against

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Speaker 2: girls doing Stemina has improved, it's gotten better.

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Speaker 5: What was it like when you chose to do mathematics

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Speaker 5: in physics?

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Speaker 1: You know, thankfully I did it at Smith which was

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Speaker 1: a quite supportive environment and you know, being able to

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Speaker 1: look up to other women physicists at the time at

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Speaker 1: Smith College. And I think that we continue to break

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Speaker 1: those glass ceilings and just to show that you know,

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Speaker 1: women just like anybody else and have the chops to

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Speaker 1: do it. And I think that that's a great story.

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Speaker 5: Nurturing it seriously, and I adore Mount holy O.

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Speaker 2: That's a school next Duke, folks, for thease you don't

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Speaker 2: know this, Duke Chapel Hill is sort of like Mount

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Speaker 2: holy Oke Smith as well. But there's something about and

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Speaker 2: I'm talking my book here, folks, you after thought did

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Speaker 2: the all girls thing. There's something about the nurturing environment.

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Speaker 2: It's okay for you to do Newtonian physics in an

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Speaker 2: all girl environment.

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Speaker 1: Well, I think it's okay to do it anywhere, right,

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Speaker 1: but yes, you it can be a bit more encouraged

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Speaker 1: in one year in classroom with other women. I mean

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Speaker 1: people people like to look up what to look up

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Speaker 1: and to see what, you know, someone that looks like

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Speaker 1: them doing the things that they want to do.

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Speaker 2: When you're in ubs and there with some smooth investment

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Speaker 2: a banker who took marketing, it's you know, some school.

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Speaker 2: They're looking at you like and you're like, get you

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Speaker 2: shut up. I mean, what's it like bouncing off of

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Speaker 2: global Wall Street with your academic background.

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Speaker 1: Well, thankfully at ubs, but particularly in the chief investment office,

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Speaker 1: I would say a lot of us do have a

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Speaker 1: very strong.

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Speaker 5: Analytical post round stuff.

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Speaker 1: So that is definitely the case, and I wouldn't even

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Speaker 1: say where I started my career. One of the things

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Speaker 1: that attracted you know, at the time I started a

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Speaker 1: Capital Group manager those of the American funds and again

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Speaker 1: strong math background. Most people did have that, so again

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Speaker 1: encouraging environment.

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Speaker 2: Robin Wiggles is a great write up on Capitol Group

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Speaker 2: and active again really struggling.

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Speaker 5: The Capitol Group doing better.

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Speaker 6: Than most series LA like TCW and Capital Group. Those

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Speaker 6: are your two anchor meetings in LA.

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Speaker 1: It was I needed to go to warm Weather after Smith.

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Speaker 2: Exactly smart Dodi, Thank you so much, Doddia Lobel from

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Speaker 2: the Union Bank of Switzer and I'm sorry, I'm not

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Speaker 2: going to all always. We'll call it the Union Bank

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Speaker 2: of Switzerland ubs with us today. Thank you, Thank you

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Speaker 2: so much, Nadia for coming in on jobs Day, the

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Speaker 2: markets to tier eight Nattia level, driving the market lower

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Speaker 2: negative seventy seven on a future's we're ought three big

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Speaker 2: figures on the vics twenty six point nine zero, the

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Speaker 2: oil eighty nine dollars Brent crude almost up to that

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Speaker 2: ninety level right now, up four dollars fifty five.

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Speaker 5: We're going to get that at any moment.

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Speaker 2: Let me go over so one, mister Bloomberg taught me

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Speaker 2: how to do this, so one commodity gip is that's

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Speaker 2: about all I know. But then up we go and

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Speaker 2: we see if we have a ninety print yet on

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Speaker 2: Brent Crude.

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Speaker 5: But eighty nine, yeah, eighty nine, ninety nine are you

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Speaker 5: kidding me?

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Speaker 2: Within a penny of ninety dollars, Beryl, We want to

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Speaker 2: get NAUGHTI in here to give Jennifer Lee time to

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Speaker 2: really digest this economic data gently. Is just spectacular female capital,

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Speaker 2: marcuse of just slicing and dicing it and putting it

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Speaker 2: together in the fifteen to twenty minutes, generally you've had

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Speaker 2: to digest the data.

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Speaker 5: What is the distinction, you see?

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Speaker 7: My distinction is I have no idea what how we're

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Speaker 7: going to call this good morning, very very thank you

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Speaker 7: very much for having me on. I would like Nadia

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Speaker 7: to talk to my daughter. By the way, I still

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Speaker 7: can't figure out what she needs to do. And at

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Speaker 7: the age of fourteen, you still don't know what you

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Speaker 7: want to do with your life. And I was gonna

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Speaker 7: go all Asian tiger mom on her and the same lot.

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Speaker 5: Asian Are you an Asian tiger mom?

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Speaker 7: A little bit, just a little bit in terms of

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Speaker 7: the data this morning definitely a bit of a shock.

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Speaker 7: I was expecting a weaker US jobs number, but I

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Speaker 7: was not looking for a negative, so that was a

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Speaker 7: little bit of an eye opener. And of course you

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Speaker 7: have the double whammy of a weaker retail sales figure.

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Speaker 7: So this puts, you know, the doves on the minority

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Speaker 7: of the of the doves on the Federal Reserve right

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Speaker 7: back into play. You know, you had a waller which

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Speaker 7: I thought was interesting just a couple of weeks ago,

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Speaker 7: I think when he said that the next meeting would

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Speaker 7: be a coin toss, and I was thinking, wow, that's

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Speaker 7: an interesting little twist. But you know, I'm sure now

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Speaker 7: he's going to be firmly still on the on the

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Speaker 7: side calling for rate cuts. So we're going to see

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Speaker 7: how all of this pants out. You know, we are

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Speaker 7: still just for the record, we're still not looking for

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Speaker 7: any rate cuts to come until probably June. We can't

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Speaker 7: sort of take one month with a grant of salt.

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Speaker 7: Always look for the revisions, you know, and generally the

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Speaker 7: revisions for jobs on the downward trend, but overall, you know,

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Speaker 7: it just shows softening US growth.

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Speaker 5: Terrorfs.

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Speaker 7: I hate bring up the tea word, but it's still

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Speaker 7: out there. Terrorsts are still a big source of uncertainty,

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Speaker 7: especially now with businesses. They're all sort of focusing refocusing

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Speaker 7: on some of their efforts now on the possible refund

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Speaker 7: process and how messy that's going to be.

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Speaker 6: So Jen, I think the narrative or the consensus coming

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Speaker 6: into today was kind of a no higher, no fire

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Speaker 6: type of labor market, and maybe we can live with

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Speaker 6: that for a while. That's not the worst thing given

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Speaker 6: where the unemployment rate is. Does today's number change that

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Speaker 6: narrative at all?

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Speaker 7: No, again, you know, I'm I mean, obviously it makes

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Speaker 7: it's obviously it's a little bit more softer than many

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Speaker 7: people had expected. But at the same time we still

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Speaker 7: this is coming on the heels you know of a Yes,

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Speaker 7: a dowurly revised figure in January, but at least it

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Speaker 7: was still higher, so a network still higher. But again

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Speaker 7: not a great not a great report, but a four

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Speaker 7: point four percent job was ready. It could have been higher,

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Speaker 7: could been higher than that. It was interesting, by the

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Speaker 7: way that ragings were still a point four percent I

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Speaker 7: think month to months and three eight year of years,

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Speaker 7: so people are still getting a wage that you know,

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Speaker 7: the ninety five percent that are still working are still

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Speaker 7: getting a steady wage point four percent month over month,

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Speaker 7: but they're obviously holding back a little bit, you know,

403
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Speaker 7: worrying about higher prices to business when the whole affordability

404
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Speaker 7: narrative comes into play as well. And now we've got oil,

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Speaker 7: you know, touching on eighty bucks. I think the last check,

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Speaker 7: you know, that's not helping it all either.

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Speaker 5: So you mentioned generally four point four percent unemployment.

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Speaker 2: I mean, you come out of Waterloo up in Canada, folks,

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Speaker 2: which is bulletproof statistics and math on economics. What I

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Speaker 2: get and I got this on my trip to Phoenix

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Speaker 2: this week, jen Lee, is just simple. America doesn't believe

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Speaker 2: it's a four four percent unemployment with all the adjustments

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Speaker 2: hedonic this and technology and AI. What does his four

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Speaker 2: point four statistics feel like right now? Like six percent

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Speaker 2: or seven percent unemployment?

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Speaker 7: You know, it probably feels a bit higher and again,

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Speaker 7: but you know you have to flick look on the

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Speaker 7: flip side, that's still you know, over ninety five percent

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Speaker 7: of the of the labor of the population that is

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Speaker 7: still employed gainfully employed, so it's still relatively low. You know,

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Speaker 7: as you're the guests I've been saying, it's still somewhat stable,

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Speaker 7: but again heading higher. I'm always looking at things like

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Speaker 7: the wages, at wage growth, because that ultimately is the

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Speaker 7: biggest source of support for the US consumer. Knowing that

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Speaker 7: you have a study income coming in on a regular

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Speaker 7: paycheck every other week, I think does wonders for your

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Speaker 7: own personal you know, self worth. So in the meantime,

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Speaker 7: I think we're going to see some more pullback in

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Speaker 7: this very a certain geopilical environment economic environment. But you

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Speaker 7: know that looks like you know, the FED is not

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Speaker 7: is not finished yet, and they will continue to cut rates.

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Speaker 5: We get absolutely.

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Speaker 6: I'm looking at the retail sales Tom, I mean, I guess,

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Speaker 6: Jennet kind of coming in and in line with expectations.

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Speaker 6: What do you make of when you see the retail

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Speaker 6: sales numbers? What do you make of the US consumer

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Speaker 6: these days? I guess hanging in.

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Speaker 7: There, still hanging in. I mean, it was obviously it was,

439
00:21:25,640 --> 00:21:27,520
Speaker 7: you know, there was a lot of broad based weakness,

440
00:21:27,560 --> 00:21:30,080
Speaker 7: but there are still some gains and things like furniture,

441
00:21:30,560 --> 00:21:34,159
Speaker 7: groceries of course, you know, general merchandise, building materials, you know,

442
00:21:34,240 --> 00:21:36,679
Speaker 7: but the other things like the discretionary areas such as

443
00:21:36,800 --> 00:21:38,560
Speaker 7: dining out, which is what I always doom in on,

444
00:21:39,359 --> 00:21:42,480
Speaker 7: you know, sporting goods, those were all lower. So again

445
00:21:42,640 --> 00:21:44,320
Speaker 7: just speaks to a little bit more of the weakness

446
00:21:44,359 --> 00:21:47,320
Speaker 7: and the more cautiousness of the US consumer. But again

447
00:21:47,440 --> 00:21:50,600
Speaker 7: it wasn't It's just one month or a couple months,

448
00:21:50,600 --> 00:21:51,840
Speaker 7: I guess at this point. But more like you know,

449
00:21:51,880 --> 00:21:54,600
Speaker 7: I always look at revisions, and then we'll be looking

450
00:21:54,640 --> 00:21:57,719
Speaker 7: at the more important, all encompassing PC report that's going

451
00:21:57,760 --> 00:21:59,280
Speaker 7: to be coming out. I guess in the say, a

452
00:21:59,320 --> 00:21:59,960
Speaker 7: few weeks.

453
00:22:00,119 --> 00:22:01,400
Speaker 5: We got to go to breaking news.

454
00:22:01,400 --> 00:22:03,399
Speaker 2: But I just got one final question, and with the

455
00:22:03,400 --> 00:22:06,520
Speaker 2: Bank of Montreal's Jenna at Lee as well, should the

456
00:22:06,600 --> 00:22:09,399
Speaker 2: Canadians be so desperate is to give up some of

457
00:22:09,440 --> 00:22:12,800
Speaker 2: their young stars and draft picks to get Robert Thomas

458
00:22:12,800 --> 00:22:15,800
Speaker 2: of the Saint Louis Blues or my favorite nause ande

459
00:22:15,840 --> 00:22:18,480
Speaker 2: cadre to the Canadians, you have to go large here

460
00:22:19,000 --> 00:22:22,159
Speaker 2: Friday as the trade doagline approaches, you.

461
00:22:22,160 --> 00:22:24,359
Speaker 7: Know what you wrong? Person asks you what all the

462
00:22:24,400 --> 00:22:26,159
Speaker 7: other guys who are a lot more onto this than

463
00:22:26,240 --> 00:22:26,560
Speaker 7: I am