That is really the only sector in this employment outlook where you can see a softening that is carried through a quarter as well as on a year-over-year basis.

The housing sector has likely passed its peak. The boom is winding down. I expect continued softening in housing if rates remain at these levels or go higher.

The market is becoming very nervous about the earnings outlook for the tech sector after a string of bearish outlooks by tech giants such as Nortel and Sun Microsystems.

With greater employment taking place in China through Hong Kong, the net outlook for Hong Kong has dipped from 22 per cent to 13 per cent.

There is no better mix for the housing outlook than to have benchmark Treasury yields decline amid an improving employment situation, ... So I think it's going to be a better than expected year for housing.

We have detected indications (there is) possibly some softening of that,