Topics Covered: Disappointing payroll number made up for by a substantial household number When adjusting the household survey to match the same concepts as the establishment survey there has been a relatively big gap over the last 1 1/2 years and that gap is closing quickly Less acceleration this quarter than the previous quarter Payroll numbers are having large corrections due to the new software we are using, the amount of people who are sick due to covid19, and the changes in the labor force. The relationship between labor, capital, and resources Social change impacting labor and capital Interest rates will play the biggest part in how markets in the economy respond this year Reversion of the difference between the S&P and the NASDAQ Being more mindful of inflation in our asset allocation decisions

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