financial and economy : Large scale job cuts at IBM, the second in six months,
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constitute a "body blow" to the Vermont economy, a state economist said. In the short term, the cuts pose a setback to economic recovery. In the long run, the state could lose thousands of additional jobs as the effects of the IBM cuts ripple through the economy. State economist Jeffrey Carr revised his economic forecasts for the state, issued just last week, after IBM cut 988 workers Tuesday. Carr had envisioned economic recovery by the middle of this year. The job cuts will keep the state in recession for perhaps six more months, he said. "It's obviously a significant body blow to the Vermont economy," Carr said. "It's significant. It's negative, and it's going to show up."
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