0:02 Who are you? And where are you going? What do you want? [Music] Hello and welcome to People Making Money. I'm your host, Kevin Bemel, and I'm here every Wednesday at 10:00 a.m. Pacific time to talk about job hunting. starting and running a business and building wealth. So, the whole financial side of our lives. So, today is our
0:37 monthly economic echoes uh show where we talk about the economic data that's been published um between shows. Usually, it's it's a lagging process. So the data that's been published for September of 2025 and we talk about how that might uh impact you us as individuals. Uh I I don't think I've said this the last couple shows, but of course none of us lives the national economy. So it's largely irrelevant to us if national
1:15 inflation is let's say you know 2 it's I think it's around 2.8 2.9%. 2.4% whatever it is. Number one we don't live everywhere in the country. We only live in the location in which we live. Number two, we don't buy the exact basket of goods uh that on which the uh consumer price index which is how we typically track inflation is based. And so depending on our lifestyle and that of our family uh that is going to affect
1:52 how we experience in this example inflation. So, uh, this this month's economic echoes is going to be a little bit different because as hopefully you know, uh, the government has shut been shut down now for about three weeks. We as of today I I heard on the business reporting this morning that it's we're we're into our fourth week and one of the government functions that's shut down is the reporting by the the Department of Labor on various statistics including the consumer price
2:27 index and various labor and jobs statistics. So, uh, we don't really know, uh, what inflation was last month, although experientially that doesn't seem to me to be any much, you know, different than it's been for the last six six months anyway. Maybe maybe 12 months. Uh, and so, uh, you know, how you're feeling in terms of the affordability of your life. Well, that's probably as good a gauge of inflation in any event anyway uh a as
3:04 knowing what the consumer price index is. So, uh I and I I um I'm going to look around for some sort of private data source for price changes, something that is uh hopefully reported on a monthly basis. Uh, I haven't heard of anything, so I I'm not exactly sure where to find it, but uh stay tuned and we'll see uh next month if I'm able to dig anything up. Uh, but with regard to
3:39 employment statistics, so uh what a lot of uh people are using in lie of labor department statistics is the uh ADP report. And let me go ahead and bring that up. And we'll make sure to enlarge the screen here so you can see it better. Okay. So, here we go. All right. So, let me just sort of scroll up here so you can see what uh what about what I'm talking. So ADP does a national
4:17 employment report and you can see it's in it's in collaboration with Stanford Digital Economy Labs. So it's not just ADP doing this. Um they have uh some some academics involved. And you know why would ADP do this? Well ADP is far and away the largest payroll service supplier uh in in the country. I I assume in the world. Uh and uh and so they are able to uh they have access to I should say a tremendous amount of
4:53 information on employment trends. And what they do I I I suspect is they take the information from that they gather on all of their customers. They um anatomize it. In other words, they make it um uh they make it anonymous. An anat is is the right word. Anyway, they make the data anonymous. They aggregate it. So, they're not disclosing any private data of any uh client and then they use it to
5:32 create uh this national employment report. So uh as you can see here as of September 25 2025 the change in US private employment it went down 32,000 jobs. Okay we'll we'll look at there there is some granulation uh down below that we'll take a look at. So uh private employers shed 32,000 jobs in September. Um AD and you can see here ADP conducted its annual preliminary rebenchmarking of the national employment report in September and based
6:08 on the full year 2024 results of the quarterly censive employment wages say this repres this uh resulted in a reduction of 43,000 jobs compared to pre-benchmarked data. Now I want to so I want to talk about this this whole issue of data and and and benchmarking and and such. So the fact of the matter is, and if you listen to the economist for UBS who does their morning reports, he's he's quite
6:44 droll. Uh when he talks about the data that's available to us, uh he frequently makes rather snarky remarks about the lack of reliability in the data. And part of that reason is because the way the labor department compiles its data is it sends out requests for surveys to employers and it asks them to fill them out and then it takes that information and it compiles it into the
7:21 monthly and annual uh reports. The problem is over the last I I don't know what time period, at least a decade, maybe longer, fewer and fewer employers are taking the time to fill out those surveys. And so the reliability of the labor department's information has been declining for quite some time now. And you know, we we want to think that the information that that the government generates is accurate, but the reality
7:59 is it's only as good as the data that it's able to collect. And as my father taught me as as as a a young boy, uh when talking about computers which were in kind of their naency back then, he used to say uh gigo or giggo garbage in garbage out. And so as the amount and quality of the data that the labor department is able to obtain declines, so does the reliability of
8:36 their reports. And and so there's been quite a bit of talk in the business media of late over private alternatives. And you will hear people sort of poo pooing the uh the ADP report which is I think largely considered to be the best alternative. uh I I would say that uh when it comes to data collection so ADP has its has
9:12 available to it a tremendous amount of data on employment. Now, I can't I can't tell you uh how much, you know, how many businesses they have versus how many businesses typically respond to the labor department survey. Uh but what I can tell you is, you know, ADP has a lot of of data available and at this point it's the best that we've got. And in fact, I'm this is me the you the contrarian
9:49 side of me. Uh I'm always a little bit skeptical when the when people who you know label you know self-label as experts start poo pooing some you know all collectively poo poo you know uh a a data source. It it it tends to indicate to me that maybe it's a better data source than than they want us to think and and and there are other reasons why they're putting it down. So, uh, certainly, uh, Dr. Richardson here, who's the chief economist at ADP, I suspect she would, uh, she would dispute
10:27 the contention that the ADP report is not reliable. So, uh, you know, we'll we'll we'll see. I'm I'm hopeful that uh once the government reopens and the labor department starts publishing data that somebody uh will do a study uh to determine the you know relative uh reliability of labor department statistics versus ADP's data and and we'll get some some greater clarity on that. So, so here is the
11:04 change in u uh private employment in the United States. You can see the graph starts here around tw January 2010. There were roughly 107 million people employed. Here we are uh 15 roughly 15 years later and there are 134 million roughly 500 people employed. So you can see there's been a a pretty steady upward trend. Of course, this is COVID when it it you had that sharp drop, but we've we've recovered all the jobs lost
11:39 during COVID and have gone beyond that. Now, you can see that the the the number 134,526 is as of September. If we go to August, you can see 135,58. That's that 32 uh,000 job u private sector job uh private employment uh decline that they mentioned in their headline. Okay. So now let's look at um let's look at industries. So you can see construction, leisure and hospitality, professional business service, education
12:15 and health services, manufacturing, trades, transportation, financial da da information and other. Okay. So those are the various sectors. Now um one of the things um if you recall from previous month's ver uh episodes of this show is education and health s well you you'll notice number one there's one sector that's missing and that is government employment because of course ADP does not uh do any government employment uh but but also
12:50 um the the it's really government spending that uh um often times drives education and especially health services. Okay. So um that's that may be kind of a proxy for that. So if we look at September we can see for example you know as has typically been the case um education and health services largest sector professional and business services next leisure hospitality manufacturing financial services construction other
13:25 other services information and then natural resources and mining. So, and if we just, you know, beep down here from, oops, that's July. Let's get Okay, here's August. Oops, here's August. So, education health services 25673 this month 2576. So, they've gone up. Okay. Professional and business services 22660. Uh, declined slight 13,000 jobs. That's about a third of the drop right there. Okay. Leisure and hospitality last month
14:01 17 or August 17631. Um and and this month or September I should say 17612. So you can see there's about a 20,000 19,000 jobs you know jobs lost there. So so between business and professional services and leisure and hospitality you're seeing there's there's you know that that's a big part of the drop. Okay. manufacturing uh went from uh 12799 to 12797. So it dropped slightly but essentially
14:36 unchanged. Okay. Financial activities 8966 8957 again dropped slightly. Construction 83 367 8362 another small drop. other services. Uh 4,826 dropped 16,000, a larger drop for other services. Information dropped uh went up 3,000 and natural resources and mining dropped 4,000. Okay. So, what we're seeing here is is gains
15:12 uh in education and health services essentially partially offset drops in pretty much every other sector except for information services. I'm just going to try something here. Yeah, there we go. So, so you can see now. Let me let me get it to there. Okay. So, you can see the employment picture for uh for 2025 in general. Let's let's start here in
15:48 January. Okay. So, so education 257 25,795,000. Okay. And they're at 25,706. So you can see that overall um they've dropped um roughly 80 about 89,000 jobs. Okay. So let's look at professional and business services. Started the year 22653. They're at 22647. They've dropped slightly you know so far
16:25 this year. Okay. So you can see that you and you can see just looking at the lines most of the employment private sector employment trends are pretty flat for 2025. Okay. And and that's by the way that's one of the things that motivated the uh the Federal Reserve to drop interest rates a quarter of a percent uh last month or earlier this month actually I believe. um that that you know employment growth has stalled so far this year and so they're looking
17:01 to potentially boost the economy a little bit. Okay. So looking at changes in size by or change in employment by the size of the company. So you can see right now the driver of job growth is large employers 500 thou 500 employees or more. They gained 33,000 jobs. All the others dropped jobs. So again we're seeing large companies pardon me offset employment losses
17:36 partially offset employment losses at smaller smaller companies. Okay. Uh and and the losses to you can see the biggest losses were in the smallest companies and then um they're not as the losses were not as large uh for midsize companies. Uh and then you know there were gains for the largest companies. Okay. So one would imagine that people are gravitating from smaller employers to large larger employers. Now if you uh you know what does this mean for us as individuals? Well, you know, I
18:12 fit into this category over here. So, uh, you know, and and by the way, most of my competitors are in this category as well. So, while this of course is a national number, uh, you know, for those of us who are very very small companies or solo companies, right, people evidently are struggling. So if you're if you're in this category and you're feeling like you're struggling or even in this category, you know, 20 to 49 employees. Um so you know that is generally the case. Now the interesting
18:48 question is why are businesses in the in the small and midsized categories struggling? Uh it could be uh for example because of the tariffs whereas larger companies are able to absorb them better. smaller companies don't have the ability to do that. Uh it it it could be that uh that um uh they are being enticed by larger companies to take jobs there. I know I pretty routinely get uh solicitations
19:24 from recruiters um to see if I'm interested in potentially, you know, working for another company. Uh so you know maybe people are looking at the kind of volatility in the economy right now and they're opting to go to work for a larger employer uh because they feel that will give them greater stability. Uh I I I'm not a believer in that. Um I I always have looked at it that if I work for someone else I essentially have one client and that client gets to decide the entire state of my economy.
20:01 Right? Because if they want to retain me, great. I'm getting paid. And if they want to let me go, my income drops down to zero. So that's why with the exception of being in the United States Navy throughout my profession, almost my entire professional life, otherwise I've worked for myself because that way I can have multiple clients. If I lose one, okay, I lost a part of my income, but I didn't lose at all. Okay. Changes by industry. So in goods um we saw natural resources and mining interest lean went up 4,000. Okay. Construction and
20:36 manufacturing went down 5 and 2,000 each. So uh services you can see um education and health services went up 33,000 as did information. We mentioned that a minute ago. Uh trade and transportation, utilities, financial activities, business or professional services all went down. Okay. as did leisure and hospitality and other services. Okay, so that gives us uh somewhat of of a picture. Um oh, and here we can look at the you can see um that uh you know what's what's happened
21:13 um based on the size of an establishment. Let's let's take this down to uh 2025 just 2025 like we did the other and you can see again you can see the employment picture overall ba based on establishment size has also been pretty flat that would seem to be the case. Okay. And let's look at region. Okay. So um a you know um and let's again let's take it down to 2025. Oops. a little bit too far here. Okay. So you can see even regionally
21:50 um you know not much variation. So no particular part of the country is being more uh adversely affected or is is doing better than any other particular part. Okay. So uh you know overall a pretty flat employment picture. you know, if if you're in the uh you know, the South Atlantic uh which which interestingly enough has the largest uh number of employees at at almost 27 million. Okay. um you know that that ver that's
22:28 essentially they were at about uh you know they they've actually increased a little bit from 26,546 in January to 26 million I don't know why it doesn't want to go to September. Okay. Well to 26,636 in August. I again I'm not sure why it doesn't want to go to September, but let's let's see if it'll go out. Okay, there. Here we go. Here's September for some. Okay, so it went from 264 uh 646. Actually, I take that
23:03 back. They lost about 5,000 jobs uh so far this year in the South Atlantic. in the Pacific, which is the next biggest sector, 21237. They're at 21262. So, they've gone up in the Pacific area. Uh, north east north central 19396 is and they're at 1948. So, uh, east north central has increased. Uh, Mid-Atlantic 17464
23:39 is now at 17570. So, they've also increased. Okay. Uh, West South Central 16228. They've lost 100,000 jobs in the West South Central down to 16118. Mountain uh area 10 165. They're now at 1084. Gone up a little bit. West North Central. Okay. They started at 9,193. They're now at 9,207. Went up a little bit. East South Central
24:14 started the year at about 7,275. They're now at 7,414. So, they've gone up almost 150,000 jobs. And then finally, New England started at 6,551 and it's at 6,550. So it's declined uh just a bit. So you know, we've seen what three regions decline. Others have seen actually, you know, not not too bad job growth so far this year. So maybe we've seen a couple hundred thousand 250,000
24:49 jobs so far this year. That's not a lot by the way, but it's it's a you know overall we have seen slight job growth so far this year. Okay, so that is the employment picture. I spent a little bit more time with that than I usually do just to sort of give you an idea of what other data is out there. Okay, so now let's look at let's look at housing. Okay, so as we typically do, we start with uh California. So, the median sales price as of September was up 2%
25:26 year-over-year. Number of houses sold went up over 9% year-over-year. Okay, so those look those both look good, but interestingly enough, median days on market also went up 11% year-over-year. So, the market is still strong. it's just taking longer to uh to get uh the price that that people want. Okay. And and so, you know, looking at the one-year uh um price trends, you can see in that
26:02 it started here just above uh 800,000 and now, you know, it's a little bit higher than it was a year ago. Um you know, 2% higher. So year-over-year, right? So that and you can see it's been hovering in this zone for, you know, for all of the last year. We're not seeing dramatic changes. Okay. Um metro areas with the fastest growing sale prices uh banning interestingly probably because prices are so low, but Santa Monica close behind, Elorado Hills, Chino, PaloAlto, Roano Beach, Berkeley, Rancho,
26:39 Palace Veries, otherwise known as RPV, etc. Camaria. Still there are areas that are seeing very high sales growth. Okay. Housing supply, okay, was up almost 11% uh year-over-year. Let's look at the one-year. So, you can see that um it's been it's been trending higher. Okay. Um um you know, for for most of the year, okay. Um, the number of newly newly listed homes though has decreased almost 5% year-over-year and the month supply
27:17 is basically unchanged year-over-year. So, one of the reasons why I think we're seeing prices continuing to increase is in California is the number of homes available for sale for sale has shrunk. I'm sorry. it um the number of homes available for sale has uh gone up but the trend is down for newly listed homes. Okay. So um that is having I I it looks like the impact of longer days on
27:53 market um and and you know kind of moderating overall the kind of price increases. So overall, California saw only 2% whereas you can see there are areas where it's much much higher than that. Okay. And then finally um homes sold above list price 33% down almost 8% year-over-year. Uh homes sold with a price drop almost 27% up almost three and a half percent and uh sale to list price 99.4%. 4% down 3/4 of a
28:31 percent. Okay. So, you know, so again, the the the trend to see homes se sell selling above list price is declining. People, you know, sellers are being forced to negotiate. Okay, here's the 10 most competitive markets. You see there, and it's some of the same ones that have saw big price increases. And here's here's the map. I think that's always interesting to look out uh US migration trends. Where are they moving from? California, Illinois, New York to uh
29:06 well California and New York highest. Illinois next. And then other states, Washington, interestingly enough, North Dakota probably um uh uh because of the cold, Nebraska, Utah, New Mexico, uh Georgia, and then uh you know, some states in the Northeast. It's and and and middle middle um mid-Atlantic, sorry. Um where are they going to? Mostly Florida. Okay. Um and then Arizona, North Carolina, South Carolina, Tennessee, um Maine is
29:43 up there and um and then you can see that for states that are in this sort of you know um I don't know what kind of khaki color the number of people moving in and moving out are about about the same. So there's net in migration to Idaho to North Carolina to South Carolina to Tennessee. Florida 26,000 people. Okay. California lost 42,000 people. New York 31,000. Illinois 24,000. Pennsylvania lost three uh lost three.
30:19 Virginia lost five. Maryland lost 10. Connecticut five. Massachusetts 8. and Rhode Island three. Nebraska. Okay, that's interesting. Nebraska, they've got it colored blue, but it's actually it's actually should be uh this sort of khaki color. Same with North Dakota. Washington lost 9,000. Utah also should not be blue. It should be the khaki color. And New Mexico as well. So, it's interesting. These these four states here are are colored wrong for some reason. Um and uh yeah, Louis Louisiana
30:58 lost a thousand. Okay. But all most of the rest of the states are they're holding their population. So what we're seeing is people moving from Washington, California, uh Illinois, New York, the the three New England states, Pennsylvania, Maryland, and Virginia. And they're moving to Florida, the Carolas, Tennessee, and Arizona. primarily and some are going to Maine and some are going to Michigan. Okay, so those are those are the trends. Um
31:33 where are people moving from? Los Angeles tops it. I can understand why. New York, Washington DC, San Francisco, Seattle, Chicago. Notice that these are all large cities, right? Uh and where are they going to? Well, um, out, you know, Sacramento continues to be kind of an outlier. I suspect a lot of the people leaving places like San Francisco and Los Angeles are moving to Sacramento because it is a smaller city, but other than that, they're moving primarily to
32:09 smaller cities. Uh, Phoenix being perhaps the largest among these small cities. Okay. So uh and and you can see by the way the out migration is not anything close to the in migration. Uh so a lot of people are moving to smaller cities than even you know than even these I suspect. Okay. So that is the housing picture and you can these links will all be in the show notes as always and you can look up whichever location you want. So let's look at we'll do
32:44 Florida here. Okay, so here's the Florida market. You can look at all the same data. Okay, here's the same map. Okay, so this will be the same on no matter where you search it. Okay, but it'll give you all the same data. So if you're looking, you're trying to figure out uh you know, do I want to stay where I'm at? Do I want to move? Okay. And you I think you can even uh yeah so you can drill down into in this case we're looking at the Los Angeles market. Okay. And you can
33:20 you know you can look at individual cities as well. Okay. And you get this how hot is the market. Okay. So this is a great tool for understanding your specific situation with respect to housing. Okay. Now let's look at rents. Uh here we go. Sorry, took me a second there. Okay, so looking at the rental market. Yeah.
33:57 Okay. So, this is done by Zillow Rentals and you see here the the median rents in selected markets and you can click through to these. Look at Los Angeles. Okay. Month overmonth change, $25 yearover-year change, $30 down. Okay. Not not real big changes uh um in the uh uh average rent. You can get an idea of rental price ranges. You can see that, you know, most of them are starting around 15,600. Um the the rental market is warm. Okay.
34:34 Um, and you can do a comparison search. So, Los Angeles versus, let's look at Omaha. Oops. Omaha, Nebraska. Right. So, the average rent in Los Angeles is almost $1,200 higher than in Omaha. Okay. Here's trend. You can find trends in your in in specific areas within Los Angeles. You can drill down to those areas. Okay, so Culver City, the average rent is almost $3,300.
35:10 Okay, it's down $15 month over month, but still up $145. And one of the things I I live not too far from Culver City. Lot of construction going on there. New construction generally speaking will push rents up because in order to uh justify building rents rents have to justify the cost to invest in new housing. Okay. So um you know you can you can you can you can look at specific city markets and get an idea of uh again how is how how is the market in which you're doing and and by the way you can
35:47 look at size of apartments here. Okay. case looking at just two-bedroom apartments down $40 month over month but up over $100 yearover-year, right? As opposed to one-bedroom apartments, okay, which are much much less expensive and they are up $25 month over month but down $125 yearover-year, right? So, uh you know, you can look at these different aspects. see three-bedroom apartments up month over month and year-over-year. So, you can really drill down and get the kind
36:24 of data that you need to assess your specific situation. Okay, so that's um that you know in terms of um rentals. So, let's look at uh let's see, choose. Here we go. So, let's look at another area. Let's Let's look at um maybe where people are going. Um Orlando. Let's look at Orlando. Oops. I'll learn to spell soon. I promise. Orlando, Florida. Okay. So, here's
37:00 Orlando, Florida. The marketing, the rental market is cooling there. It's down month over month annual overyear. You can see in contrast to Los Angeles, the bulk of apartments are between,300 and maybe 2700, whereas the uh the average rent in Los Angeles is $2,700. Uh so, uh you know, much more affordable in Orlando, which is of course why um people are moving there. Okay, but its market temperature is still warm. Okay. So, let's we can do a direct
37:37 comparison. Right. There you go. So, you can see almost $800 or actually yeah uh $800 a month higher uh in in Los Angeles. Okay. And u these are, you know, different parts uh of of different parts of Orlando to get a sense of so Conway, Florida, obviously the the sort of Beverly Hills of the Orlando area. Um the other areas are more modest. Okay. So you can do you can search rentals here and and really see hey uh you know what uh what might I
38:15 want to you know want to do about my living situation if anything. Okay. And then as always the last thing we're going to look at is the uh consumer sentiment survey that's done by the uh University of Michigan. Okay. And you can see here that it's essentially unchanged September to October. 55 now was at 55.1 down.2%. Um but that's still a big drop from a year earlier of 22%. So the volatility
38:50 in the economy is causing people to be uh much less certain about it. Okay. Um, current economic conditions improved uh a little bit from the previous month, but they're still down 6% year-over-year. Index of consumer expectations is down 31% year-over-year, even though they're down only slightly month over month. Okay. So, um you can see that
39:25 uh that you know all you know nationwide which is what how this report is done. Uh you know we're people are still not as optimistic as they were a year ago. uh the uh you know things like the year- ahead inflation expectations dropped slightly from 4.7% to 4.6% this month, but long range inflation expectations held steady at 3.7%. So people are expecting inflation to go up and that's
40:00 not so surprising because uh that's what people are hearing in the media that inflation is is going to go up. So um you know in reality inflation has been pretty steady uh in the the sort of mid to slightly below a little bit above now for quite some time. So the reality of inflation and and and how it's being reported I think are a little bit uh different. So, uh, you know, it it, you know, hopefully what we'll see
40:35 going forward is the trade issues with China worked out. Uh, that's really kind of the last big one in terms of potential tariffs and all of that. Although there is some uncertainty about uh tariffs uh because there is a case pending before the court still that could u that could uh take away from uh President Trump the ability to unilaterally impose tariffs at least based on the emergency powers that he's
41:11 using or the threat to to America powers that he's using. However, if that happens, there are still other authorities that the president can use to impose tariffs. And one would imagine that the White House is looking at those issues now. And so if the court order uh overturns the use of tariffs under the current authorities uh they will immediately turn around and and impose them under different authorities and then you know
41:47 perhaps the whole legal process the the le ch you know legal challenging process will start all over again. So you know I I I I I think that at least for the balance of this year we are going to continue to see uh volatility uh or not volatility uncertainty in the economy. Um but um I think little by little um certain parts of it are going to calm down. Uh hopefully we will um continue
42:22 to see at least a relatively stable employment picture. Uh I don't see any reasons coming up why that would change significantly uh either to the bad or to the good. I think it's just going to kind of be what it's going to be. And and so uh you know we um you know the um I think the deregulation agenda of the current administration will continue that should u presumably uh create more opportunity for business creation which should create some
42:59 opportunity for job growth. So you know again the question always is what does this mean for us? So here's the reality. Um it's always a great time to start a business for example and it's never an appropriate time to start a business right that is the reality of of the economy. So whether you know if you're waiting for the right economic times to to cons to start a business okay I think that's
43:34 largely a fool's game with due respect so some of the largest companies in the in the world were started during the great depression right the worst economic uh times we've had you know in the last century Okay. And and so the reality is the the the larger economy is to a certain extent irrelevant to the success or failure of a business. What's
44:09 relevant to the success or failure of a business is uh does you know do you have the skills and the tenacity to make the business successful? Is what you're doing something that is wanted or needed I should say needed or wanted by customers and clients? Uh are you able to um so those those are those are largely unaffected uh by the national economy although um
44:46 you know people being able to afford your business can have some impact. Okay. But if you're providing a need so then as long as you are priced within the market so then you're not going to be beaten out by competitors. people need what it is you're doing or selling and so they're going to come to you. Now, if you're dealing with wants, those will be of course more price sensitive. And so then how people feel about the economy, uh what job prospects look like, all of
45:23 those will have more of an impact than if you have a needs-based business. Right? So I'll take my business as an example. My business is a needs-based business because people die. That's the reality of life, right? People die and um unfortunately people too often die without any kind of estate plan. And so then it becomes a big mess. heirs start arguing, fighting, and courts will, especially here in California, will recommend that a professional be brought in who can u be
46:00 neutral and and get the administration of the estate moving uh and and and and you know, at least somewhat quell the fighting. So these are the kinds of of uh issues I encourage you to think about against the backdrop of the economic data that I talk about on my on the economic e uh economic echoes uh uh uh episodes um because together they will give you as clear a picture as
46:35 you're probably going to be able to get about whether you you should you change your job hunting posture, whether you should start a business, what you should do about running your business, right? These are crucial questions. Okay, so that's what I have for you today. Uh, I thank you very much for joining me and especially live viewers, always a treat to know you're there. And tomorrow at 5:00 pm Pacific time is my show, Jiggers' Place. We'll have a cocktail and a smoo. And then we'll pick it up again next week at Mon on Monday
47:11 at 10 a.m. Pacific with Trust and Estates Weekly. Tuesday at 10:00 a.m. Pacific, business lessons from the military. And then we'll be back a week from today for the next edition of People Making Money. So once again, thank you so much for joining me. Uh wishing you a wonderful rest of the day. Signing off as I always do. Marie, darling, you are my