North America is faced with a terribly grim economic outlook. Yet some early signs of improvement, albeit rninimal, are setting the stage for a slow recovery: better bank profitability that may usher in a period of increased capital lending regardless of efforts by the Obama administration; minor growth in consumables spending in January and February; and an increase in the deal flow (acquisitions and mergers) at major New York law firms. All this indicates that-as a reporter on CNN said in March-"things may not be as grim as they appear."
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