A slowing American economy is not hurting IBM yet. But the strength of the technology giant's quarterly profit - up 24 percent - may not be as reliable an indicator of broader trends in the American economy as in the past. IBM's business lies increasingly outside the United States. The largest American corporations like Intel and Hewlett-Packard get more than half of their revenues from overseas markets. IBM, a longtime multinational, is a leader in the current globalization trend to tap overseas markets and talent. Today, two-thirds of IBM's sales and its workers are outside the United States.

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