Key Logging Employees! Do you think it is fair?!?

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Well for those of you that don't know this but a Key logger is a software that records all of your key strokes (typing activity) and can either save that information on your PC very well hidden or it can also send it to a specified e-mail address. Some Key logger software are also Trojan-free thus making it very hard for most Anti Virus and anti spy ware programs to detect them. Some Key loggers also go as far as to take screen shots of your activities and either save them or send them to an e-mail address, all this happens without you knowing any of it. With that said all of your activity, be it your browsing, chatting, email activity is being recorded and plus and personal information be it your credit card, Social Security, PC browsing or anything that you type is recorded. Many employers feel the need to monitor their employees using such software, do you think it's fair to do so?