It may still do that, but there have been a number of mixed signals in recent data. And had this report been a lot worse, you might have seen the Fed move more quickly, but not quite yet. Well, the message there is this might be the first investment led recession that we've had in the post-war period. Meaning that the technology sector is playing a large role in the job losses at a very early stage. We look at some of the numbers, industrial equipment lost 16,000 jobs.
Computers is in that category.
Electronic components lost employment. And we've seen the communications equipment sector begin to lay people off. And these latest numbers don't even reflect the job cut announcements that have already been made. Those numbers are going to be showing up very soon. So that's what's really troubling, is that this could very well be an IT equipment investment led recession, and the Fed doesn't really have the weapons to correct that.