I understand what he is saying. The difference between the two lines was positive in the last month. But, compared to how large this positive gap was last Augus

I understand what he is saying. The difference between the two lines was positive in the last month. But, compared to how large this positive gap was last August and September (looks like about 4% to 5%) this really seems negligible and possibly due to noise. And, it seems even more negligible compared to the cumulative negative (a good thing) gap since October. I think it's a little early to call the trend on one recent data point. Seems a little alarmist.