You will see more wage growth. The productivity numbers have been so good and the margins have been so good we can easily afford more wages.

We've reached the point where employers need to start hiring again, but productivity growth will stay strong, so they can meet some of their increased demand with productivity improvements. That means hiring will be slow and the unemployment rate will stay at about 6 percent for another year and a half or so.

We are moving into that phase where we expect that wage growth will catch up and take productivity over.

I think there will be linkages between the U.S. and Europe and I think there will be linkages between the U.S. and Asia; that is probably a little further off.

Individuals will be charged in this matter,

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