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The United States continues to grow. Certainly the job growth during this recovery has been slow, and indeed the whole pace of the recovery has been disappointing by historical standards.  However, there are benefits to a slow recovery, in that:

• Companies can plan more carefully and deliberately rather than feeling pressed to hire and expand rapidly to keep up with their competitors.
• Companies are maintaining very strong balance sheets because they have been able to pace their spending and let current operating cash flows cover the costs of their expansion.
• The cash reserves at companies have made possible some quite generous dividend payments over the past couple of years.

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