We've been talking for a long time about capital spending growth being a key component of the sustainability of this recovery. You have to be encouraged about what we've seen.

To get faster job growth, we're going to need either faster aggregate demand, which seems hard to fathom, or we're going to need some diminution of the recent extra cyclical pop in productivity, ... When will that start? Anybody who says they know is lying.

We've been waiting for something like this for a long time. But we need to resist the temptation to put too much weight on any one month's report -- probably the best thing to do is to average out the past few months; that gives a clearer picture.

We think we're going to see recovery by second half of the year and that growth can be quite brisk,

You have to look at these numbers over a few months. Coming in, we had several months of very substantial gains. The basic picture is that business spending is bottoming and showing some signs of improvement, but it's not really robust.

You have to look at these numbers over a few months. Coming in, we had several months of very substantial gains, ... The basic picture is that business spending is bottoming and showing some signs of improvement, but it's not really robust.