denise chisholm is still with us.sumption number, household spending, unambiguously strong. the data in the corner was pointing to that. my guess is the rest of the report and be soft. business spending will likely be negative. we likely have major tracks from net trade and inventories. growth is about in line. i think it is the composition of the data that is worrying the fed. solid household consumption, the expansion is likely to continue but weak spending correlates with the industrial slowdown. alix: spending on equipment falling in the second quarter. his .6% in line or worse? michael: slightly better than we thought, that in the margin of error with what you would expect. depending on the revisions, that could be the third consecutive quarterly decline. housing activity down five to six straight quarters. there is an indication that you have a manufacturing slowdown, but you also have an indication that monetary policy may be tight and those things are what are combining to cause the fed to ease. david: we will