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We remain a long way from a recovered economy. It is as yet unclear if the dismal employment statistics from last month are to be repeated or are an anomaly but the latest unemployment claims number suggests the nice uptick in the first three mothers might not be repeated anytime soon. We will have to wait to see the next 60 days. There is a belief, which I adhere to, that the warm weather and a sense that things were getting better, tied to a refilling of positions that were cut too deep during the recession, are what was really happening in the first quarter. The underlying issues have not changed to suggest the upturn is really here yet. Europe remains in crisis even though the EU and the media want to bury it. Spain is in serious crisis, Italy has a long way to go to make the changes needed to their labor and company laws and massive corruption problems, and Greece simply got a band-aid. Portugal is not worth even bothering about. China is slowing and is likely to continue to do so for quite awhile until they get their banking and real estate sectors cleaned up, and that will take quite awhile.

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