00:00This economy is a tortoise disguised as a greyhound.
00:04It is just not as fast as it feels on Wall Street,
00:07because on Wall Street we're looking at the AI boom.
00:10But if you look at the rest of the economy,
00:13we've got, this is the sixth month in a row
00:15in which real wage growth year over year will be negative.
00:18We've got very little job growth.
00:20We've averaged about 50,000 jobs per month for the last two years
00:24and actually for the last three months also.
00:26So there's not a lot going on in the rest of the economy.
00:29We've got a labour supply very constrained.
00:31And I think this report, it's part of a lot of data this week
00:36that really says this economy, wait, this is not a boom.
00:39I mean, it's not a bust either, but this economy is not booming.
00:41It's just moving forward at pretty much a steady pace
00:44that we've seen for a number of years here.
