jonathan: joining us is bob michele, frances donald, and krishna memani. let's start with the payrolls report, got reaction, and then work our way to the fed decision. francis, your reaction to the november payrolls report? frances: there is only one number i care about in every job number i care from now through 2022, and that is labor force participation rate. this is one of the most important economic data points over the next six months. if we can get labor supply back into the economy, we will see less wage pressure, less inflationary concern, and we can start growing this economy. today's report, i know the headline wasn't good, questions about the underlying component, but this is good news because we see that labor force participation rate rise. it is that number that will be far more important to the outlook to the fed and markets than just generally whether we are missing by 100k. jonathan: bob michele? bob: francis is right, terrific report. you married that with the ism services index that came out, and that showed respondents showing there is