The base of global growth is strengthening and broadening overseas. It looks like we're picking up the pace and we're moving back into above-trend growth rates.

In Asia, we see growth remaining steady and fast.

The labor market exhibited renewed strength, which suggests that manufacturers and service providers expect the current acceleration in growth to be maintained in the coming months.

January purchasing managers' surveys signal that the impressive acceleration in manufacturing activity from the final quarter of 2005 has carried over into the new year.

Input price pressures are abating and this should reduce uncertainty and pressure on profit margins in coming months.

Japan is back on its feet and growing again.