I think we will see continued productivity offsetting any labor-cost increases. Labor is clearly getting tight, with the lowest unemployment in 30 years, but I think we'll see more investment in technology to reduce labor content. People thought you can't automate in the service sector, well you can. Just for an example, if you look at PaineWebber's research department. We have spent a fortune on technology.
Research is delivered in our offices electronically.
We don't print it. We don't stuff envelopes. We don't stamp them, mail them, and hope they arrive in the office a week later. We've saved a week. But that would not be measured as a productivity enhancement, although we think it is.