Question-and-Answer Session
Thank you. Ladies and gentlemen, at this time, we will begin the question-and- answer session. [Operator Instructions]. First question will come from the line of Nicole Parent with Credit Suisse. Please go ahead.
Nicole Parent - Credit Suisse
Good morning, Dave.
David N. Farr - Chairman, Chief Executive Officer and President
Good afternoon, Nicole.
Nicole Parent - Credit Suisse
Good afternoon, sorry
David N. Farr - Chairman, Chief Executive Officer and President
That's okay.
Nicole Parent - Credit Suisse
I guess it's pretty clear that things are more challenging from the credit crises macro environment could you give us a sense on where you think you have the best visibility by business and where you think you have the worse visibility and then maybe also give us a sense of backlog versus the third quarter of '08 versus the year ago?
David N. Farr - Chairman, Chief Executive Officer and President
Well we gave you the backlog information in this slide we just gave. So that information is on those slides relative to our process business, industry business and network power business. And those are three businesses you run off the backlog, the rest other business are booked to ship basically. If you look at where our best visibility is, it's clearly in our capital businesses, which have held up very well. And I think they will continue to do well in the first five, six, seven months of 2009. And I believe at that point in time you will start seeing the weakling as companies around the world will slowdown their capital spending. Companies will react and companies already are reacting. If I remember correctly this morning, the number that's came out and sort of capital investment numbers dropped significantly. You will companies reacting very quickly just like we're reacting. Our capital spending numbers have dropped in the last 60 and 90 days internally ourselves. So as I look at the visibility right now, you're looking at process, you're looking at Industrial Automation, you're looking at Network Power, but that visibility is only out four, five, six months. And now I think you're going to start seeing the changing environment. It's very clear to me.
Nicole Parent - Credit Suisse
Okay, and I guess with respect to you kind of quantify the FX benefit or headwind as you look in '09?
David N. Farr - Chairman, Chief Executive Officer and President
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