What's lacking is confidence, so businesses aren't spending the money they have, ... That's why I don't necessarily think it takes a huge fiscal stimulus package to get the economy moving.

I don't think businesses will hire more people in anticipation of higher demand. They want to see demand first. They feel they have the flexibility to increase production without hiring people.

My concern is that inventories are so low, some businesses will actually miss sales through stock-outs.

Businesses are going to be waiting and seeing. The most important factor is how consumers behave, ... The cost of capital is important, but in the final analysis, you've got to sell products. If you're not going to sell products, you're not going to need capacity.

Employment gains really haven't come from full-time workers. They're coming primarily from part-time, temporary help, ... Businesses are still trying to maintain flexibility by not hiring more expensive, full-time workers. That might be one of the reasons why we're seeing an increase in continued claims.