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Joe discusses the recent employment data, noting that the Federal Reserve is set to raise its policy rate by 25 basis points in May. The unemployment rate remains strong at 3.5%, indicating a robust but cooling job market. While this situation is favorable, it's not enough for the Fed to declare a peak yet. Wages are at a 4.2% year-over-year increase, with expectations for a three-month annualized average indicating decreased risk for a wage-price spiral, which is positive. Despite this, demand for workers is still high across various service industries, contributing to a tight labor market and inflation concerns.