Yes, that is for the first quarter, even though, again, we're getting a little bit of good news as we go along.
You simply look at all the other factors. The thing that troubles us the most right now is the contraction we're seeing in investment, whether it's through polling or whether it's through the kind of information Ted has. Actually, looking at investment intentions or at the numbers we're seeing as we get the data down, there are very sharp contractions in manufacturing in southern Ontario and Quebec, and particularly in the oil sands. In Alberta right now there's a real recoiling of investment intentions related to oil sands expansion--for the upgraders, for example. People are simply cancelling things. It is probably based on the belief that oil is going to go to $35 a barrel and stay there.