It was disappointing across the board for single-family starts were down we kind of expected that because we had a very big gain in February. The multi-family was down as well that's not just starts it's also permits. Part of it is that the housing data is very noisy on a monthly basis especially around a seasonal adjustment issues. So even though this is March the beginning of the spring selling season it could be that the better winter in January and February pulled forward activity for March and April so we're just getting a lot of noise in the data right now, but even considering that as it's a bit disappointing. We've noticed three problems the first is that you can't find labor for some of these issues, second trying to find land, third is it coming up against a difficult permitting process. We hear regularly from the builder surveys is that labor is a significant issue with delivery issues are taking longer because they can't find labor to complete the orders. We can see that with BLS labor market numbers that are released monthly construction jobs are picking up but the labor force is very tight for construction work. Why is that? We think it's because it's been such a big disruption to the industry the crisis happened you had a significant drop in housing activity it remains stubbornly low for years. So for years and years workers were leaving because there was no work and they haven't come back or trained for it. If you look at the average age of the construction workforce today it's significantly higher than it was during the housing boom because you don't have this new entrance into labor force for construction. What does that tell you about the overall economy just in terms of whether there will be higher paying jobs that eventually lure people into these trades? We think it's encouraging for the prospects of a further increase in labor force participation rates the past 6 months we've seen an increasing participation which was unexpected. The majority of people out there were assuming structural changes for the labor force meaning demographics are in favorable and participation with permits were permanently extremely lower but then the past 6 months it's headed up in a in fairly dramatic way. If that can continue maybe we can start to see people retrain get back into the workforce where there is a demand for these types of skilled jobs then it's much more encouraging for the labor market and for the economy. And that in turn will mean what for the FED? How many rate hikes are we expecting the year? If it's the case the participation rate can continue to rise that means there's more capacity for further growth in the business cycle. Which suggests maybe the FED does has to be on a slow trajectory but they can accomplish more ultimately if they have a longer business cycle to run.