At the same time, more and more workers have to compete for jobs with people around the world as firms work to stay competitive in global markets.
That would produce an annual rate of growth in the second half around 4 percent. This is strong growth, and we believe there is solid momentum carrying over into 2015. Notwithstanding the equity market volatility of last week, we’re starting the year on an optimistic note in terms of real economic activity. Growth of consumer spending appeared to accelerate toward the close of 2014.