The Labor Market Is One of the Last Things to Turn When You Have a Slowdown

The labor market is one of the last things, if not the last thing to turn when you have an economic contraction or a slowdown. So what we're hearing right now is a lot of hiring freezes and that's coming through in the data. The risk is that that gap narrows and then we're in this kind of comfortable supply demand place with labor. That's when if we haven't slowed the bleeding, that's when you start to hear about layoff.