goldman sachs chief economist jan hatzius is with us at post nine great to have you back. >> great to sort of looking at maybe a somewhat muted reaction relative to the print, and the word wonky is getting tossed around a lot. is that fair >> i think the muted reaction relative to the print makes sense. i mean 353 on the surface is a blockbuster number, but january is a very difficult month to seasonally adjust. there are seasonal layoffs, unadjusted payrolls in january are down a ton, so when you have relatively low layoffs, and we know that from the jobless claims numbers and a bunch of other indicators, then you can get some very strong numbers i would say a year ago, you know, we had a very strong january jobs report as well. i think partly for similar reasons. now it is a very strong labor market the labor market is doing great. the unemployment rate is 3.7%. it's been in that range for a long time. but i don't think it's quite as strong as the payroll number suggests. >> does hours worked offset some of the strength in wages >> well, hours worked i think in addition to, you know