joining us for more, southbay research founder andrew zatlin.tory of the last two months has been disappointment relative to expectations. there are various theories, some people say ui, childcare, what is your story or theory for why? you look at the data, job opening data, you track industries on a granular level. what do you think is the explanation for why the pace of job creation the last few months did not live up to what economists expected in march. andrew: there are two factors that you want to watch, and they are both tied to covid. one is where the job losses are concentrated and that is the hospitality industry. about 40%-50% of job losses were concentrated there. and it is artificial in the sense that we have a mandated capacity limit. i think the expectation was, once we flipped the switch, you could go back to restaurants, a gang rush, every business open, hiring going to flip back on. we have the restaurant story but the other side of the story is a california/new york story because while we talk about 40% of the jobs are restaur