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To: Lizzie Tudor who wrote (159815)	1/13/2004 3:56:08 PM
From: jlallen	Respond to of 164684

Actually, Greenspan answered that question today. He attributed it primarily to productivity, though I'm sure he'd agree that there's still a bit of risk aversion among businesses as well as underutilized capacity (i.e. "slack") in the economy (due to overinvestment during the bubble, BTW) that allows businesses to meet growing demand without the historically "normal" ramping up of hiring.