The DOL has just issued the most recent labor statistics. The unemployment rate is now at 8.5% which is lower than we had anticipated. It appears as if the bottom may be approaching sooner than expected. However the PPI is down 1.2% and that is an increase in that number from a month ago. The CPI is lower by a small amount. Perhaps the bottom can be controlled. However we are still concerned about the problems in commercial real estate and high yield debt conversions.
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