We have a high degree of confidence that what's going to happen next, those coincident indicators that we defined first are going to take another leg lower. Why is that? Because if Walmart, for example, has too much inventory and the housing sector is slowing, for example, people are going to need to order less of those goods that they have too much inventory of. So they're going to call their manufacturers and they're going to slow their rate of production. And when they slow their rate of production, you're going to see that show up in industrial production, which would be our coincident indicator. If production starts to slow and manufacturers are pumping out less unit volume, they're going to hang on to these employees as long as they can, because it's very difficult to fire and hire people. It's a lot of friction involved with that. But if production keeps slowing, eventually they're going to say, we just don't have enough work. We don't have enough units to pump out. And then (42/57)
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