The much-vaunted recovery began to show signs of slowing a few months ago. Even so, the revelation on June 1st that employment grew by just 69,000 in May, a 12-month low, suggested a more serious deceleration than anyone had imagined. The stockmarket plunged, giving up all its gains since January. Online punters slashed the odds that Barack Obama would be reelected to a little over 50%.
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