Certainly from our business outlook surveys across the country, it's fairly clear that the companies we've surveyed have moved from a position of looking for labour, i.e. a shortage of skilled labour, to a situation where there is an excess. From that point of view, coming back to your very first observation, we talk about it in terms of the overall size of what we call the “output gap”. So the economy is working below its potential.
On April 28th, 2009. See this statement in context.