A sense of frustration is beginning to set in. Every indication points to a marked deterioration in economic outlook in the months ahead.

As the likelihood of a swift rebound in the U.S. economy fades away, a series of sharp profit drops announced by major Japanese manufacturers in the IT sector has visibly shaken the stock market. Inventory adjustment is more severe than it was expected to be just months ago, and unemployment has finally risen beyond 5 percent.

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