a revision. and if you have a turn in the economy, it may not indicate a recession, but it may indicate an inflexion point in terms of the growth that we are experiencing. that's when you get a big revision of this kind. >> let's talk about these inflexion points. the data that guys like you and me look at that do not a recession make or not a strong economy make, they're kind of there and you have to take them into stock. august we had manufacturing purchasing managers index it's called. it's some sense of what manufacturing purchasing managers buy. the index was at 49.9 in august. it was down from 50.4 in july. 50 is considered neutral on this measure. this is just an initial reading for august. we don't know how it'll be revived. but when you look at things like that, what do you tell people who ask you, john, are we going to have a recession, are we not? >> i don't think it's determinative of whether or not we're going to have a recession.