the labor market is out of balance there are if you want a job its easy to find one if you want a worker its hard to find one and thats causing of course employers to bid up wages but the striking fact and i dont think everybody we dont regularly pay attention is its really important to pay attention to is despite nominal wage growth rising rapidly real wages have been flat and in some cases falling depending on which group youre looking at so for the average person out there working theyre saying well im not even keeping up i want a treadmill that just keeps making me fall behind even though im getting good nominal wage gains and so the way to get those two things back in balance is to bring the labor market back in balance so youll see in the projections for the sgp that the the unemployment rate for twenty twenty three and twenty twenty four went up the projections where it went up and you know some would push back on us and say theyre just we can just reduce vacancies in the labor market and we can get there less pain less costly but i just dont think so my own projection is is very similar to the s  p median theyre going to have to go into the mid fours or even slightly higher on unemployment to get that sort of relief and the unemployment in the labor market we need to bring things back in balance and the final thing ill say about that is you know wage growth right now is four and a half to five depending on which series youre looking at it what what sector youre looking at and really we need it to be three and a half to four if were going to be in that sustainable place but the wage growth itself is not the problem the problem is the labor market is out of balance and thats causing the effects we see just like it caused you know things out of balance cause price inflation in the goods sector or the housing sector