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Despite the spin doctors being out in force talking about revisions here and revisions there, we find these latest employment numbers downright scary.

Almost all the jobs that were created were in retail and construction, whereas manufacturing jobs declined for the 42nd consecutive month.. We have no argument that America is very good at building houses and buying things. But is this what a sound economy is supposed to be built upon?

Taiwan Semiconductor CEO Morris Chang recently warned that the industry faces a global recession in 2005 as China comes on line with huge capacity. China is also completing major factories to produce chemicals and fertilizers.

Global imbalances continue to build as U.S. debt piles up to buy the world's goods. The problem continues to be over-capacity with no relief in sight. It seems demand just cannot keep up with supply despite Herculean attempts at reflation.
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