. >> i've got craig callahan i've got mike feroli saying business is expected to maybe rebound. why is the fed talking about the economy as if it's falling off a cliff right now? >> are you talking to me [ laughter ] >> i mean, i think that they have -- maybe it's a bit like what do you want to call it, an overexecuted pirouette where they pivot it but went a little bit too far. >> it's like when ice skating they overrotate it on the triple axel >> and you know what happens when you do that sometimes you fall right down on your bumpadump i kind of got that a lot of uncertainty. but then they went a little bit an extra rotation there back to the cut without waiting. about a month or so ago, i put up a thing called the road to the cut. and one of the big stops on the road to the cut was first of all the job's number and then the gdp number and then it comes in higher than expected >> and we were on that road before they even got those numbers. >> they have enough in there to rationalize this they have the capital slowdown they have some of the deterioration in some of the like ger

the june jobs report due out on friday joining us to talk about what investors should watch, mike ferolirom jpmorgan and chris cordera, from regent atlantic. a very good afternoon to you both i'll start with you. what was your take on adp? are you adjusting your forecast off the back of it >> i think in the realm of how accurate that is, i don't think it's a big enough disappointment to move our forecast we're looking for 140,000 job gains on friday which would be better than adp, a little below consensus. the main message is you look at jobless claims adp. the recent payrolls. is that job growth has been slowing but it's not collapsing. which is what we expect to see continue on friday >> when you look at the fact that may had also disappointing numbers, there was an expectation that we were going to see this as a one-off and now this is setting us up. do you think that we're going to set ourselves up for disappointment on friday >> i think, you know, the estimates coming in are disappointing. and i think we continue to see a slow decline in the economy going forward. and i think that p

mike, thanks so much for joining us mike feroli from jpmorgan. >>> still ahead, one of the biggest moments from earnings season as apple gives up their results. we'll bring you all the headlines as soon as they hit. >>> after the break, we'll speak exclusively with david taylor on the back of his company's earnings beat. as we head to break, here's a quick check on our data tracker. personal income, consumer spending and poor pce coming in as expected with small gains in june also consumer confidence in july topping expectations by nearly 12 points. do7. w's down 22 points "closing bell" will be right back (soft music) - when i see obstacles, i create opportunities. - when i see adversity, i find a way. - when i hear never, i say now. - [announcer] southern new hampshire university is education made to fit your goals with over 200 degree programs, flexible class schedules, and some of the lowest online tuition rates in the nation. (cheering) - so when i face barriers, i can break through. - [announcer] breakthrough at snhu.edu. here's how it's gyou're my sidekick. ain't nobody's sidekick.