This is all about competition. Everybody has had margins squeezed, everybody has global pressures and as a result they have to be much more efficient, much more exacting.

German employers are saying they will begin to add employees again, albeit modestly, and hiring activity in Japan should be vigorous, beyond what we normally see in the second quarter -- their peak hiring season. Chinese employers say they will reduce their hiring activity compared to last year at this time, while U.S. employers expect to add to their payrolls at a continued steady pace.

The labor markets in North America have been incredibly stable and, as is so often the case, the Mexican labor market is moving in tandem with its northern neighbor. There is notable optimism amongst employers in the construction sector in both the US and Mexico, where job seekers should find favorable conditions.

There's also the practicality that people are needed to do the work, but I'm not sure whether the third quarter gives us the proverbial hockey stick, ... What our guidance would tell you is we're not seeing that as going to happen in the third quarter.

There seems to be momentum building. The question is whether it's strong enough to carry through to the first and second quarter of 2004.

There seems to be traction in the labor market, which will make it slightly easier for people to find a job. But we're still in a marketplace where people need to search for a good job.

This indicates that employers are hiring on an as-needed basis, but are still not ready to staff up until demand for their business truly requires it,

Companies are as optimistic as they have been for the last five quarters over which we've seen job gains. Hiring intentions are holding at a high level.

Compared to the first three months of the year, hiring intentions in Europe are decidedly improved. However, Italy continues to lag behind.

The survey results combined with the drop in the unemployment rate indicate that the traditional labor supply is essentially exhausted.