joining us now is michael gapen. great to catch up with you. we still working our way through these mechanical distortions coming from shutdown to reopen? michael: we are. i think that is a little in the rearview mirror now. michael mckee's point at the end is what was important. the downside in july likely related to the upward revisions in june. on net, my guess is when we look at the data, the level of retail sales in july will be about where we were expecting. things have slowed. in my view, that was to be expected. two months ago, we had an 18% rise in retail sales. about 8% last month. now it is somewhere between 1% and 2% this month. i think that is consistent with the initial snapback an ongoing recovery. on in thee lights are economy back open is fading out of the data. i think the july data in total suggests the economy still has momentum. the question is whether we will to carry itmomentum through september and october. lisa: do you have a sense of how much the spending has been driven or supported by the fiscal support we have seen s