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Neela Richardson of ADP research, noting the positivity in the US jobs market,

but saying, quote, the strength of these headline numbers, mask sector level weakness.

Nita joins us now for more.

Nita, it's good to see you.

Let's go back to Friday's data.

And before we get to Friday 8.30am and the payrolls report,

I want to talk about you, Mitch, that came out a little bit later. How concerned should the Federal Reserve be about that hotter than expected

inflation read in that survey? In a word, very. I mean, to see a percentage point increase in

expectations for the year ahead inflation outlook is concerning. It shows how quickly consumers can change

their views of inflation. And remember, expectations are a key input that we don't talk about

on inflation and triggering it higher. So I would be very concerned about keeping inflation

expectations anchored, not at the 4.3%, which is what the Michigan survey said,

but at the 2% target. That's around where consumers anchored their inflation before the pandemic

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