It (the jobless rate) is probably at or slightly below the level the Fed is thinking is full employment, so it will strengthen their resolve to lean against inflation pressures. We expect another quarter-point hike in March.

It leaves the underlying momentum strong.

It's a very small decline. It's definitely settling in a downtrend and all the information from the surveys and from that kind of data point to the labor market stabilizing and improving and we should see that in the payroll numbers.

It's a very small decline, ... It's definitely settling in a downtrend and all the information from the surveys and from that kind of data point to the labor market stabilizing and improving and we should see that in the payroll numbers.

It did come in stronger, so that's probably good news in terms of consumer momentum as we go into the new year.

The big theme in the fourth quarter is going to be consumption spending, that is the real driver.