household surveys showed a meaningful decline, but that is in folks under 25.omy. that is when you are seeing there. in the aggregate, the economy is still chugging along, even if we expect some deceleration. let's say we end the year at 2%. still trend or above trend growth. for us, the shallow rate cutting cycle we are expecting is really a product of that. it is not obvious to us there is urgency for the fed to ease. we accept them -- and expect them to normalize but not ease policy. jonathan: would you put one weight over the other if you are sitting on the fomc? mark: these establishment surveys are the better measure. it shows the job market is strong, resilient. job growth was very broad-based. you cannot dismiss the household survey, increase in the on employment rate. it does indicate the labor market is really cooling off. if you look under the hood of the job market, hiring is weakening, if you were quits, unfilled positions are declining, temp jobs are declining. the job market is ok, moving forward, but cooled off. exactly where the fed wants to se