So far we've been fortunate in that the job losses in manufacturing, this export-oriented sector, have been offset by job creation in what I would call the domestic side of our economy--construction, personal consumption spending, government spending. But every trading nation knows you have to, in the long run, pay your way in global markets in order to maintain your high levels of income.
I am very pessimistic that if manufacturing continues to shrink, the momentum on the domestic side, which has been very important in the last couple of years, will carry on. Eventually, we will start to see a spillover effect, where every job that's lost in manufacturing will bring another one or two or three or four jobs down with it in the domestic side of the economy in terms of upstream linkages through supply industries and also downstream linkages through consumer goods industries and consumer spending industries, which depend on manufacturing jobs.
So I do not expect that if the shrinkage in manufacturing continues we will experience the same broad strength in our aggregate performance that we've been fortunate enough to have so far.