There is definitely weakness which seems to be coming from two drivers. Not, however, that conditions are anywhere near as dire as the headlines now claim.

First, consumers aren’t willing to spend. There’s some PTSD after the harshness of last years Covid Zero. That is now combined with the more recent softness on the real estate market.

Second, and for me more critical, is exports and this is more of a story about global economic conditions. China is the Canary in the Global Economic Coal mine.

See how it all plays out in the next couple of months. Appreciate your asking. Thx.