Terry Montesi: I will ask the first one: What are the key economic data that are affecting the consumer and therefore retail real estate today? What has changed in the last 6 months and what do you see out there?
Peter Linneman: The main thing that has changed in the last 6 months is that we have about 900k more jobs. And while that is not stunning, that is kind of a normal pace. At least it means that 900k people that were previously unemployed that got their job back. The other way to view it is nobody who used to have a job who’s unemployed got a job back but everybody who newly entered the labor force because of population expansion over that 6 months got a job. Essentially it says that we are at least adding jobs fast enough to keep up with the natural expansion of employment that should occur if our population grows.
Tommy Miller: Is that fast enough to keep the unemployment rate from increasing?
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