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Charlie Munger on US Economy: Pain Not Over

A day after Berkshire Hathaway's Warren Buffett made headlines about his views on the economy, his long-time business partner Charlie Munger is weighing in.

Munger, Berkshire's vice chairman, said the job market is likely to stay "lousy" for an extended period, and that he doesn't see anything that would prompt employers to hire in the immediate future.

Munger also warned that the pain is not over in many sectors, citing timber and commercial real estate as two sectors where there is "more pain to come."

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