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Bloomberg. We begin our study with Jeffrey Rosenberg of Black Rock. Jeff, you know well the squishiness of how we measure labor dynamics in America.

When you dive into this analysis for

in this shocking report?

Well, it is a surprise and certainly the market was looking for much weaker numbers

and you know we're all kind of diving into the details here but the

message just appears to be about the pace of returning workers relative to the

pace of additional layoffs and that's a that's a clear positive trend that the

opening up in the economy across the various states had been better than what

everyone is expecting to see out of this report.

The other thing that you're seeing here is the big distributional shift that we saw in April,

where we saw a kind of a surprising or perverse increase in average hourly

earnings that's because you had the biggest impact from the lower

...