Yes, and a lot of it has come though, but not many jobs. I'll agree with that. That's how firms have adapted among other things. They've boosted productivity. They're producing more and more. They're participating in the recovery. The auto sector, the housing sector, in particular, are picking up as those sectors pick up in the U.S., but firms are mostly using that increase in output to boost productivity. I suspect that gradually as we go forward, eventually there will be some hiring as they get more confidence and invest more, but for the moment its output is up.
It's also noteworthy that manufacturing firms are investing more. They've boosted investment over the last three years. Investments now near the peaks that they were at, at the very height of the ICT boom in 2000 and 2001. I think that's extremely important going forward as it shows that firms have confidence.
Mr. Hsu, you talked about the time horizon. I spend more time studying investment than any other variable because to me that shows whether firms believe this is just a one-off, or just something that's going to be for six months, or it's going to be sustainable. If they're investing more, it seems to me they have a very long time horizon. That's why I find the recent increase in [Technical difficulty—Editor] very encouraging.