edward lazear is here. current economics professor at stanford university. it is wonderful to have you on the program. >> great to be with you. >> thank you for joining us. let's start with friday's jobs numbers. the unemployment rate 8.3%. 222 -- 227,000 new jobs created. what does it tell us. >> it says things are getting better but doesn't say things are god. the trends are the right direction no, doubt about it. we are seeing unemployment claims go down to levels that are almost consistent with a normal economy, almost. and the good thing, i think it is hidn in some of the data that is that the number of quits are exceeding layoffs. that's been true the last few months. when the economy is growing and labor market is healthy people feel comfortable about quitting and when we are going in to a recession layoffs go up. the fact the trend has gone in the the other direction that quits are above layoffs are a good sign. those things are positive. the problem is this, it will take a very long time for us to get back to a normal labor market, even at this pace