In the sense that I don't believe the global economy is going to return to the state it was in late last year and early this year, it has "bottomed". And some economies are growing again. But I think there is a chance that several national economies could dip back down again... just not as badly as last year. In several economies, including the U.S., the indicator that people see and feel the most is unemployment. And that might keep increasing through the first or second quarter of next year in the U.S.