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The single best idea is to have a good weekend.

It is a celebration of America with all the emotion.

It was really great to learn.

Actually, I used AI today to learn about, I'd read it in Rick Atkinson's book.

My book of the summer is Volume 2 of Rick Atkinson's wonderful American Revolution trilogy, the

third book to be written. And I remember in the first volume the emotion of a very sweltering

Philadelphia, as Thomas Jefferson wrote the Declaration of Independence. So I used AI today

to figure out the graph house in Philadelphia with some nice background. This whole AI thing

is really jaw-dropping to say the least. We use AI on Jobs Day, and part of that is to try

to look not at the immediate data, but at the noise around it. There is no greater noise now

than immigration and the changes in

immigration tied into our American labor economy. Sarah Wolfe, Morgan Stanley. I think you're

getting the immigration story coming through in the household report. If you look at the participation

rate, it's come down now for about two months.

And that's actually, as expected, helping keep the labor market tight, even as we're seeing the slowing trend in payrolls.

So the unemployment rate, for example, last month would have been up to 4.6% if the participation

rate hadn't fallen.

Yeah, it's definitely taking out labor supply. Right now,

we have the participation rate 62.3%. That helped bring the unemployment rate down to 4.1,

even though the number of unemployed in the household survey was negative 200,000. So, of course,

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