Now companies are convinced that the expansion is getting stronger and is sustainable and they are increasing hiring to meet expected demand.

My suspicion is that the dollar will remain relatively strong because, even if the ECB starts lowering rates, they've got a lot of catching up to do, ... The prognosis for the dollar remains cautiously optimistic.

Recent trends in this index strongly suggest that the largely anticipated path towards economic recovery has in all likelihood already begun,

Next year it may be tepid with a capital T.

Now, with the economic recovery appearing to be somewhat in place and the central bank not lowering rates, we see people trying to get in at the gates before rates start to rise.

That's not to say consumer spending will collapse, but there's no doubt it will lag growth in the rest of the economy. I'm hoping [business] capital investment will take up some of the slack.