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Jan 26, 2010



Hey, Ralph. Thanks for the pick-up.

We were pretty surprised at the responses, but in most surveys optimism outweighs reality. I don't know if "gloom" is quite the word for this - it certainly isn't "sunny," either. Some industries and regions are reporting meaningful improvements in new orders and other activities.

Bottom line is we think the economy is recovering much slower in manufacturing overall than in other sectors, and it's likely to be a bit of a stretch before we see tangible improvement in employment and capacity.

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