The general slowing in the growth of the leading indicators over the past year suggests the pace of economic growth should gradually slow over the next three to six to nine months.

We believe PC growth rates have moderated over the course of the past few quarters, leading to slower chip-level inventory reductions at our customers and affecting our revenue in the first half of the year.

The Fed will welcome this report as it suggests that slower economic growth will be extended into the third quarter. The probability of an August rate increase continues to diminish and is now below 50 percent.

Higher claims suggest slower job gains, which should dampen income growth, consumer spending, and overall economic activity.

The Internet has been the leading growth media or number two. This year it's number two but not very far off.

Over the last few years, BTO has emerged as an important growth engine at the leading edge of our BPTS strategy.