Job gains were clearly below expectations and trend. There may be some bounce back next month in specific sectors. Slower job gains may also reflect the impact of higher oil prices and uncertainty in the spring.

Manufacturing sector employment is likely to improve in the months ahead. However, employment gains are likely to remain below par.

The rate of spending is less than you would have expected given the typical business cycle. Companies have made a lot of money, but if you look at equipment and software spending, this cycle is below the pace of the past three or four cycles.

If you're going to set a price below market price, you're going to have to have some sort of rationing. I don't care if it's gasoline, prescription drugs or rent control in New York City.