So, we’re certainly not seeing it. We haven’t reported March yet, but I can tell you we continue not to see anything there. Demand for our products, the HR products, the online products that we’re offering HCM products of the 401(k) effort is really, really strong. I mean, we had a strong sales quarter in the second quarter and the third quarter was actually better than that even on a relative basis quarter-to-quarter from prior periods. So, we’re seeing good demand in what I would say, moderation stabilization. We’re certainly closely watching all of the indicators, but we’re not seeing things. We’ve got a very — the other thing I would point out on a macro basis, there’s a lot of noise in the system. And I think it’s important to say, we have a very diverse client base.
And then increasingly, within Management Solutions, retirement and HR drive a lot of growth. And we’re assuming strong years within both of those products, partly on the return side based on what John said. So you put all those together, and that forms the basis of our thought process around Management Solutions. And then PEO and insurance, we expect to grow faster than we’ve seen this year in part because of some of the headwinds we feel will abate as we get into next year, although that may still be evident in Q1. You framed the question correctly in the sense that if we come out of the selling season, and we haven’t felt like we’ve had some of our objectives, it becomes a little bit more challenging to put the plan for ’24 together, but John called out the fact that we thought we had good performance in the selling season.
We obviously are not giving percentages at this point. We think after Q4, we gave you a lot of detail about client base, et cetera, and we’ll talk about that. But I’ll let John talk to what we were seeing during the selling season.
John Gibson: Yes. No, I think, David, the key point was is we had both strong revenue production — new revenue production and good volume production across the core business and then really just continue to see this accelerated level. I mean, we were growing our HR businesses. We’re growing a good healthy clip before the pandemic and when the pandemic hit, we started to come out and they accelerate. And we’re really seeing strong growth there, strong growth in retirement services, our online services, time and attendance, the other bundles that we’re offering retention insights. We’re just seeing a lot of traction in our products and services and we saw it in the third quarter. And I said the third quarter was a step-up from the second quarter, we felt pretty good about the second quarter.
So — and it was a very highly competitive environment. I would say there’s a lot of aggressive competitors out there, and I think our products and our sales team did a great job on executing. Also, the other thing I feel good about in that quarter is we sell a lot of our business, only 50% of our new clients come to us from strategic partnerships, and we had a good year-over-year increase there. And again, I think what’s going on there, not only as our products and services resonating, but I think people that are advising clients are beginning to put a preference on, hey, if I’m going to advise my clients were to go, maybe they need to be in a nice safe place where I don’t have to have worries about whether or not their employees are going to get paid.
So, I think that’s also helped us in the third quarter as well.
David Togut: Just pivoting to the float Efrain. How are you positioning the float if the Fed is almost done raising short-term interest rates?
