jonathan: joining me around the karen,s bob miller, jim a seniorboston, portfolio manager at wells fargolet's begin with the blowout payrolls report. where did that come from? >> i think it shows there is a lot of strength in the economy at the current time. labor indicators are a lagging indicator that doesn't necessarily predict the outlook for next year. i think that's what the market has been worried about. it's in good shape today but it will likely decelerate. jonathan: that is the problem. we've had one of the best payroll reports of the cycle, but everything else is pointing south. >> i think this is probably the is great labor market we will have for a while. i would not be surprised if we see a meaningful deceleration in hiring over the first quarter, first half of next year. when you cut equity prices by up to one half across the economy, it seems likely hiring will slow some. jim: i agree. i think the retail numbers have been good and the hiring looks good and the weather has been pretty good too so that gives us a boost. we may have to pay that back later on. overall, i thin