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Monthly Economic Outlook 06082011
Monthly Economic Outlook 06082011
Economics Group
MONTHLY OUTLOOK
U.S. Overview
International Overview
Real GDP
10.0%
Bars = CAGR
10.0%
7.5%
8.0%
8.0%
6.0%
6.0%
Period Average
6.0%
6.0%
Forecast
4.0%
4.0%
2.0%
2.0%
0.0%
0.0%
-2.0%
-2.0%
-4.0%
-4.0%
-6.0%
-6.0%
-8.0%
2000
-8.0%
2002
2004
2006
2008
2010
4.5%
4.5%
3.0%
3.0%
1.5%
1.5%
0.0%
0.0%
-1.5%
-1.5%
2012
1970
1975
1980
1985
1990
Source: U.S. Department of Commerce, International Monetary Fund and Wells Fargo Securities, LLC
1995
2000
2005
2010
Economics Group
U.S. Outlook
Nonfarm Employment
400
400
Percent
7.00%
7.00%
Forecast
200
200
6.00%
6.00%
5.00%
5.00%
4.00%
4.00%
3.00%
3.00%
-200
-200
-400
-400
2.00%
2.00%
Forecast
-600
-600
-800
2000
2002
2004
2006
1.00%
1.00%
2010
2012
0.00%
2000
0.00%
2002
2004
2006
2008
2010
2012
Source: U.S. Department of Labor, Federal Reserve Board and Wells Fargo Securities, LLC
Economics Group
q22011
Actual
2011
Forecast
2009
1Q
2Q
2010
3Q
4Q
1Q
2Q
3Q
q22011
-4.9
-0.5
-35.2
-31.6
-41.0
-36.2
-3.0
-0.7
-1.6
-7.5
0.2
-20.2
-19.7
6.2
1.6
2.0
-1.7
4.2
-12.4
10.6
1.6
5.0
0.9
-1.4
14.6
-29.2
-0.8
-1.4
3.7
1.9
7.8
20.5
-17.8
-12.3
-1.6
1.7
2.2
17.2
24.8
-0.5
25.6
3.9
q22011
q22011
q22011
q22011
q22011
q22011
q22011
-389.2
2.9
-125.8
-1.1
-342.0
1.5
-161.8
-1.0
-390.8
-1.4
-128.2
1.1
-330.1
1.9
-36.7
2.8
-338.4
-0.3
44.1
2.6
-449.0
-3.5
68.8
0.8
q22011
q22011
q22011
q22011
2.6
2.4
10.0
15.4
-3.6
-27.3
3.9
-3.9
-3.9
-10.3
-0.4
0.2
-10.6
2.3
0.4
-7.7
4.7
2.1
1.1
4.8
1.1
5.3
3.7
0.9
6.8
q22011
q22011
q22011
4.6
0.9
5.6
1.6
-0.2
1.8
-2.3
2.1
1.5
-1.0
1.8
-4.1
1.8
1.3
-1.6
1.5
-5.2
1.5
1.7
1.5
1.7
1.5
1.4
1.8
2.4
1.3
5.1
1.7
1.5
1.8
1.0
4.3
1.9
q22011
q22011
q22011
q22011
0.4
-1.7
-18.9
69.7
-17.3
-10.1
5.9
-2.1
-11.5
67.7
-11.4
-3.1
-4.4
-2.3
5.3
68.9
-3.9
0.4
0.0
-0.9
5.6
70.3
42.5
41.9
1.3
2.1
8.1
72.3
37.6
27.0
5.6
2.6
7.1
74.0
37.0
26.5
q22011
q22011
q22011
q22011
q22011
q22011
-448.9
-95.6
83.2
-304.9
-84.4
77.7
-329.4
-97.5
74.3
-388.1
-100.9
74.8
-328.9
-108.7
76.1
-287.0
-122.7
78.8
-780.7
8.2
0.53
9.6
43.08
-516.0
9.3
0.53
9.7
59.62
-255.7
9.7
0.59
11.6
68.30
-135.3
10.0
0.57
10.8
76.19
39.3
9.7
0.61
11.0
78.72
181.0
9.6
0.60
11.3
78.03
q22011
q22011
q22011
1.2
1.2
0.9
3.7
1.9
1.0
3.5
6.7
75.5
26.4
16.2
q22011
q22011
q22011
q22011
0.25
1.19
3.25
5.00
0.21
0.81
1.67
2.71
3.56
0.25
0.60
3.25
5.42
0.19
1.11
2.54
3.53
4.32
0.25
0.29
3.25
5.06
0.14
0.95
2.31
3.31
4.03
0.25
0.25
3.25
4.93
0.06
1.14
2.69
3.85
4.63
0.25
0.29
3.25
4.97
0.16
1.02
2.55
3.84
4.72
0.25
0.53
3.25
4.74
0.18
0.61
1.79
2.97
3.91
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
-397.7
3.3
16.2
-3.4
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
2Q
q22011
1.8
2.2
3.4
11.6
-16.8
-3.3
-5.1
q22011
q22011
q22011
q22011
q22011
q22011
q22011
2.0
2.1
16.9
7.8
6.8
3.3
-1.0
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
3.0
2.0
7.7
8.9
3.5
2.5
-1.7
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
2.8
2.1
9.5
11.0
4.0
4.5
-1.7
q22011
q22011
-388.2
0.3
18.7
-1.0
4Q
q22011
q22011
q22011
-398.5
-0.1
52.2
1.2
3Q
q22011
q22011
-377.4
0.3
42.0
0.7
q22011
q22011
q22011
q22011
-369.4
0.2
50.0
0.2
1Q
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
2Q
q22011
2.2
2.0
8.2
8.8
5.8
7.0
-1.4
q22011
q22011
q22011
q22011
q22011
q22011
q22011
2.6
2.2
10.2
11.0
7.0
9.0
-1.2
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
2.6
2.2
10.0
10.2
9.0
11.0
-0.5
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
3.5
6.7
7.7
q22011
q22011
q22011
q22011
q22011
q22011
q22011
0.8
1.2
0.6
3.8
2.0
3.8
0.6
8.2
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
4.1
3.3
8.4
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
1.1
3.5
1.4
6.7
1.7
q22011
q22011
q22011
q22011
q22011
q22011
4.9
2.6
6.5
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
0.9
2.2
1.1
5.1
2.0
q22011
5.1
2.3
8.3
q22011
q22011
q22011
q22011
q22011
q22011
1.5
3.8
1.6
6.9
1.7
q22011
q22011
q22011
q22011
q22011
1.9
4.0
2.1
6.4
1.9
4.3
2.1
5.2
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
4.7
2.4
5.3
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
2.0
2.9
2.2
3.9
1.9
q22011
q22011
q22011
q22011
q22011
q22011
q22011
2.0
3.0
2.2
4.0
1.8
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
1.1
3.8
3.1
76.1
18.3
13.7
q22011
q22011
q22011
-369.0
-113.3
73.2
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
138.7
9.6
0.54
12.3
85.17
0.8
4.7
4.6
76.8
8.5
6.5
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
0.6
4.4
2.5
76.9
6.2
5.7
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
1.1
4.5
6.9
77.4
6.2
6.2
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
1.4
4.4
3.0
77.6
6.7
7.7
q22011
-345.0
-155.0
69.5
q22011
q22011
q22011
-390.0
-160.0
71.0
q22011
q22011
147.0
9.1
0.55
12.5
105.80
q22011
q22011
q22011
-275.5
-145.0
69.0
q22011
165.7
8.9
0.58
13.0
94.10
q22011
q22011
q22011
-460.4
-135.0
70.6
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
168.3
8.9
0.61
13.2
108.00
q22011
q22011
175.0
8.8
0.66
13.5
110.00
1.2
3.1
3.4
77.9
6.9
8.3
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
1.6
2.7
3.9
78.1
7.2
8.6
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
1.8
2.6
4.0
78.4
7.5
8.8
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
0.25
0.30
3.25
4.71
0.12
0.61
2.01
3.30
4.34
0.25
0.30
3.25
4.84
0.09
0.80
2.24
3.47
4.51
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
0.25
0.30
3.25
4.50
0.10
0.40
1.60
2.90
4.10
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
0.25
0.35
3.25
4.80
0.15
0.70
1.90
3.20
4.30
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
0.25
0.40
3.25
5.00
0.20
1.00
2.20
3.40
4.50
0.25
0.40
3.25
5.20
0.45
1.30
2.40
3.60
4.70
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
0.50
0.65
3.50
5.40
0.95
1.40
2.60
3.80
4.90
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
-363.0
1.1
-113.1
-0.6
0.75
0.90
3.75
5.50
1.45
1.60
2.80
3.90
5.00
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
### ###
### ###
### ###
### ###
### ###
### ###
### ###
2.9
1.7
5.7
15.3
-13.7
-3.0
1.0
2012
### ###
### ###
### ###
### ###
5.0
2.6
7.4
2.2
0.5
-1.0
2.1
3.1
2.3
4.0
2.0
2.3
3.8
2.3
6.4
3.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-1.7
-2.1
-7.0
1.5
-0.3
1.7
-2.6
1.7
### ###
### ###
### ###
-422.5
-0.5
62.6
1.4
1.7
4.0
-3.3
77.7
-16.4
-10.4
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.6
-1.7
-11.1
69.2
-0.4
5.1
3.8
1.4
6.4
-454.8
-668.9
74.3
190.0
8.1
0.83
14.3
112.00
-295.9
5.8
0.90
13.2
99.65
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
-1415.7
-378.4
77.7
0.00 0.00
0.0
0.0
0.00 0.00
0.00 0.00
1.25
1.40
4.25
5.60
1.65
1.90
2.90
4.00
5.10
1.88
2.93
4.88
6.04
1.40
2.01
2.80
3.66
4.28
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.00 0.00
0.25
0.69
3.25
5.04
0.15
0.96
2.20
3.26
4.08
### ###
### ###
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### ###
### ###
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### ###
### ###
### ###
### ###
### ###
### ###
1.3
1.6
1.0
4.2
1.3
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
1.4
3.0
5.3
74.5
29.2
20.4
### ###
### ###
### ###
### ###
### ###
### ###
-1294.2
-470.2
75.6
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
0.25
0.34
3.25
4.69
0.14
0.70
1.93
3.22
4.25
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
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2.6
2.1
9.6
9.8
6.2
7.0
-1.2
### ###
### ###
### ###
### ###
-389.3
0.0
60.8
0.1
### ###
### ###
4.1
2.6
7.8
### ###
### ###
### ###
4.7
2.4
6.2
### ###
### ###
### ###
1.3
3.4
1.6
6.3
1.8
### ###
### ###
### ###
### ###
### ###
2.0
3.1
2.2
4.0
2.0
### ###
### ###
1.2
4.5
4.5
77.2
6.9
6.5
### ###
### ###
### ###
### ###
### ###
### ###
1.4
2.7
3.9
78.3
7.3
8.7
### ###
### ###
-1449.9
-595.0
70.0
### ###
### ###
78.3
9.6
0.58
11.5
79.53
### ###
### ###
### ###
-383.3
0.3
40.7
-0.2
### ###
### ###
### ###
### ###
### ###
2.4
2.5
9.2
10.9
-1.8
-1.6
-1.4
### ###
### ###
### ###
### ###
-421.9
9.3
0.55
10.4
61.80
### ###
### ###
### ###
### ###
### ###
-215.0
-175.0
77.0
### ###
### ###
### ###
### ###
### ###
2.1
2.6
4.1
78.7
7.6
8.9
### ###
### ###
### ###
### ###
### ###
### ###
q22011
185.0
8.4
0.78
14.1
112.00
q22011
q22011
-504.1
1.1
-37.6
-0.5
q22011
q22011
185.0
8.6
0.74
13.9
111.00
-409.1
-0.4
67.2
0.1
q22011
-165.0
-170.0
76.0
2011
### ###
### ###
### ###
q22011
q22011
-145.0
-165.0
75.0
q22011
180.0
8.7
0.69
13.7
111.00
q22011
q22011
q22011
-400.0
-165.0
73.0
q22011
q22011
q22011
q22011
-2.6
-1.2
-17.1
-15.3
-20.4
-22.9
1.6
q22011
q22011
q22011
q22011
0.0
-0.3
0.3
-2.4
5.9
-24.0
2.8
q22011
q22011
q22011
2.8
2.3
10.2
10.0
11.0
12.5
-0.2
q22011
q22011
q22011
2.0
3.4
2.2
4.3
2.2
q22011
4.9
2.5
6.7
q22011
q22011
q22011
q22011
### ###
q22011
-393.7
-0.4
63.0
0.1
2010
4Q
q22011
q22011
-380.9
-0.2
59.0
0.1
Forecast
2009
q22011
q22011
q22011
-373.4
-0.1
54.0
0.1
3Q
q22011
q22011
q22011
0.25
0.29
3.25
4.35
0.16
0.42
1.27
2.53
3.69
1Q
q22011
2008
q22011
q22011
-45.7
9.6
0.58
11.6
76.20
q22011
q22011
q22011
q22011
-290.2
-125.5
73.6
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
q22011
3.1
4.0
7.7
7.7
7.7
3.3
-1.7
q22011
q22011
q22011
q22011
q22011
-505.0
-1.7
121.4
1.6
q22011
q22011
q22011
q22011
q22011
q22011
Nominal GDP
Real Final Sales
Retail Sales (b)
4Q
q22011
q22011
q22011
Net Exports
Pct. Point Contribution to GDP
Inventory Change
Pct. Point Contribution to GDP
Actual
2012
2011
### ###
### ###
### ###
-1100.0
-675.0
75.3
### ###
### ###
164.0
8.9
0.60
13.1
104.47
### ###
### ###
### ###
### ###
### ###
185.0
8.5
0.76
14.0
111.50
### ###
### ###
### ###
0.25
0.34
3.25
4.79
0.14
0.73
1.99
3.24
4.35
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
### ###
0.69
0.84
3.69
5.43
1.13
1.55
2.68
3.83
4.93
### ###
Economics Group
and a 7.5 percent rate for the whole of the past year. Although
real exports of goods and services contributed negatively to
economic growth during the first quarters of the year on a
seasonally-adjusted basis, exports of goods have remained
relatively strong during the second quarter of the year and
should contribute positively to economic growth during the
second quarter. Exports of goods increased by 31.1 percent
during the month of May compared to the same month a year
earlier, but what is even more surprising is that exports grew
by 47.7 percent during May of last year as the external sector
was recovering from the deep 37.9 percent drop in exports
recorded in May 2009. This means that Brazilian exports are,
today, almost $3 billion higher than during the pre-crisis peak.
Although some of this can be explained by higher prices, we
have to remember that commodity prices were also very high
during that period of time.
All this news is actually good news for the world economy as
economies have reacted to central banks moves to
preemptively reign in accelerating inflation. Furthermore, the
recent drop in commodity prices will definitely help with
slowing down inflation. At this point, we do not see central
banks across the world continuing to fight inflation as
forcefully as they have been for the past several quarters. This
means that the U.S. dollar may have a respite in the coming
months and the global economy, and especially emerging
market economies, will continue to drive growth.
Seasonally Adjusted
60
60
15%
10%
10%
55
55
50
50
45
45
5%
5%
0%
0%
-5%
-5%
-10%
-10%
40
40
-15%
15%
35
2006
2007
2008
2009
-15%
2011
-20%
-20%
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Source: Bloomberg LP, IHS Global Insight and Wells Fargo Securities, LLC
4
Economics Group
GDP
2010
Global (PPP weights)
Global (Market Exchange Rates)
Advanced Economies
United States
Eurozone
United Kingdom
Japan
Korea
Canada
Developing Economies
China
India
Mexico
Brazil
Russia
2011
CPI
2012
2010
2011
2012
4.9%
3.7%
3.9%
2.7%
4.2%
3.0%
4.2%
n/a
5.4%
n/a
4.8%
n/a
2.8%
2.9%
1.7%
1.3%
4.0%
6.2%
3.2%
2.0%
2.4%
1.9%
1.4%
-0.8%
4.3%
2.9%
2.6%
2.6%
2.2%
2.0%
2.4%
4.5%
2.9%
1.5%
1.6%
1.6%
3.3%
-0.7%
3.0%
1.8%
3.1%
3.4%
2.7%
4.4%
0.2%
3.9%
2.9%
2.5%
3.1%
2.2%
2.7%
0.0%
2.9%
2.2%
7.4%
10.4%
8.5%
5.5%
7.5%
4.0%
6.1%
9.2%
7.8%
4.3%
4.3%
4.1%
6.1%
8.8%
8.2%
4.4%
4.5%
3.9%
7.6%
3.3%
12.1%
4.2%
5.0%
6.9%
8.0%
4.7%
8.2%
3.9%
6.7%
9.6%
7.4%
3.8%
7.0%
3.9%
5.7%
10.0%
3-Month LIBOR
U.S.
Japan
Euroland*
U.K.
Canada
Q2
0.30%
0.20%
1.40%
0.80%
1.20%
2011
Q3
0.35%
0.20%
1.75%
0.80%
1.50%
Q4
0.40%
0.20%
2.00%
1.00%
2.00%
Q1
0.40%
0.20%
2.25%
1.50%
2.50%
10-Year Bond
2012
Q2
0.65%
0.20%
2.25%
1.50%
3.00%
Q3
0.90%
0.20%
2.75%
2.00%
3.25%
Q2
2.90%
1.16%
3.15%
3.40%
3.10%
2011
Q3
3.20%
1.20%
3.40%
3.60%
3.40%
Q4
3.40%
1.23%
3.50%
3.75%
3.70%
Q1
3.60%
1.24%
3.60%
4.00%
3.90%
2012
Q2
3.80%
1.25%
3.80%
4.10%
4.00%
Q3
3.90%
1.26%
3.90%
4.25%
4.10%
Head of Research
& Economics
(704) 715-8437
(212) 214-5070
Paul Jeanne
Associate Director of
Research & Economics
(443) 263-6534
Chief Economist
(704) 374-7034
Mark Vitner
Senior Economist
(704) 383-5635
Global Economist
(704) 383-3518
Senior Economist
(612) 667-9281
Senior Economist
(704) 715-0314
Sam Bullard
Senior Economist
(704) 383-7372
Anika Khan
Economist
(704) 715-0575
Azhar Iqbal
Econometrician
(704) 383-6805
Ed Kashmarek
Economist
(612) 667-0479
Tim Quinlan
Economist
(704) 374-4407
Michael A. Brown
Economist
(704) 715-0569
Tyler B. Kruse
Economic Analyst
(704) 715-1030
Joe Seydl
Economic Analyst
(704) 715-1488
Sarah Watt
Economic Analyst
(704) 374-7142
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