 Are the economy losing 33,000 jobs in September? Expectations were for a gain of 100,000 jobs. Here now is Ernesto Ramos, head of equities at BMO Global Asset Management. All right, Ernesto, so this is the first months in September of 2010 where we had a negative jobs number, obviously driven by the storms in September. What was your initial reaction here? Well, when you see that number in itself, it's a pretty negative number, but a couple of things on the positive side to look at where the labor participation increased, the hourly earnings increased, the unemployment rate ticked down, and I think at the end of the day, you'll see this number get revised up, and because it's hurricane-driven, it's really hard to put a lot of weight on the significance of this one number. Yeah, average hourly earnings of 2.9% year-over-year expectations were for 2.6%. Unemployment rate, as you mentioned, going down to 4.2%. I believe that's the lowest since February of 2001. I think so too, yeah. What do these numbers mean for the Federal Reserve? Is a December rate hike more on the table now? I think if you look at what the yields did right after the numbers came out, the market is expecting that the Fed will continue on its tightening course as they have telegraphed, so we don't expect that this would in any way make the Fed less likely to tighten. I think they keep on course for their tightening plan, and but we really don't look at any of that when we're evaluating stocks. We focus very much on the fundamentals, the valuation of those fundamentals, and how investors are reacting to the stock. Because for the Fed though, I mean, it seems like the Fed has declared victory on the employment front a long time ago. The bigger worry for the Fed is inflation, and here you got such great wages. I mean, that adds to the Fed's notion that they've been saying for quite some time that inflation will eventually creep back towards that 2% target, react to some of that. Yeah, and inflation is a big conundrum for everybody because the numbers themselves don't seem to, the inflation numbers suggest there's no inflation, yet you look at housing prices, yet you look at wages, yet you look at food prices and other things, and you can see that there's inflation. Somehow it's not yet trickling in into the actual numbers, but by the time it does, the Fed will have been behind the eight ball. Do you worry though about technology's impact on jobs? I mean, we just saw Ford looking to cut 14 billion in costs. I mean, that would likely lead to layoffs. Eventually these corporate layoffs will trickle down into these month to month payroll numbers. Yes, and for me, the picture is not as bad because what we worry about is what it does to the stock. So in the case of Ford, the fact that they're managing their costs so aggressively is actually good for shareholders. It may not be that positive for the employees, but for the stock itself, it means that the company's very, very mindful of managing their costs and adjusting to the changing economic environment. So that's a positive. And just quickly, we're at what? 25-15, the S&P 500 or so. Where do you think we'll end up by the end of the year? What do you make of this record run we've been seeing? I think because of the fact that we've had such a record run, we're due for some kind of a technical pullback. How big? Let's call it 5%. It's almost impossible to predict the size of these moves, but we've had a lot of buying pressure for a while. And that comes before the end of the year. My guess is it does, but that doesn't mean anything in terms of the longer term picture. I think the earnings growth that we're gonna see for the next 12 months, which is gonna be double digits, probably even close to 20% for the S&P 500 and then for the next 12 months, another double digits like 10%, that is what's going to keep driving the market higher and that's not gonna, unless something dramatic changes, those numbers will drive the market higher. And we'll get those bank earnings next week. Ernesto Ramos, we'll leave it there. Thank you very much. Thank you, Scott.