Non-manufacturers have become a little more optimistic. That's very, very important for assessing the sustainability of the current expansion.

The general pitch of all of today's numbers is quite strong and that's something that we haven't seen for some time.

Profit margins have been badly affected in some industries. Those who have lent companies money to expand will have some issues getting their money back and that means more bad loans.

Import volumes were less weak than previously reported. That's another sign that domestic demand is quite strong.

The fact that export volumes were stronger in the quarter was a very good indication that the global economy is still in a very healthy state. We do not expect net exports to be the major contribution to growth through this year. We expect domestic demand to do most of the heavy lifting.

The fact there is excess capacity tells you there is going to be a consistent weight on the price of manufactured goods. There is a continuous need to discount because of this supply glut. There's no great acceleration in the wings.