[Wyatt's Torch]

Both potentially. Here is the FRED chart that still shows the last 1Q14 number so you can see it fall:

When they revise their data later this morning you will see it go up. The headline numbers though are YOY not sequential.

[xzins]

In 2 quarters of decline, for example, the 1st quarter fell from the previous 4th quarter, and the 2nd quarter fell even more from the 1st quarter number. That would give you an official pattern of falling.

Am I correct?