jan hatzius joins us.> i would say happy friday, but it's not so happy. >> the number was on the low end of the street, i believe, and directionally, at least, probably more right than a lot of people and this was a surprise. >> on the payroll side it was weaker than expected and on the household survey side it was weaker than expected and it was down pretty sharply and of course, there, you had the impact of the declining participation rate which led to the unemployment rate actually printing lower than most people and it is consistent with the slowdown in growth as we enter the second quarter. that is in our forecast, and we were expecting q-2 and q-3 in 3.5% in the first quarter and it is a signal that's pretty much consistent with what we're seeing. >> is the year so far essentially payback for how weak q-4 was? >> overall, the news has been encouraging and i would still say that even after the latest batch of weaker numbers, but, yeah, there were certainly a decent amount of shifting between the fourt