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The Daily Mail commented on the "appalling state" of the world economy.
The Wall Street Journal groaned about the "grim jobs data." It wasn't the only sign of weakness. Separate Friday reports showed other troublesome signs. Expect economic conditions to keep heading south.
New York Times columnist Floyd Norris said Friday's jobs report "was worse than almost anyone expected."
"There is absolutely no prospect" for positive change soon. With Europe's recession deepening, America won't escape the fallout. When either area sneezes, the other catches cold, and it spreads.
Europe faces serious economic trouble. Plunging euro valuations reflect it. A crisis of confidence exists.
Bankia's insolvency was Spain's largest ever bank collapse. Other Spanish banks are troubled. So are Italian ones. Intesa Sanpaolo shares slumped to a 15-year low. UniCredit fell to almost generation ago valuations.
Europe's entire banking system risks collapse. Greek and Spanish banks face panic withdrawals. In April, Spanish retail sales plunged 9.8%. It was the sharpest monthly drop on record.
Chinese manufacturing declined for the tenth time in eleven months. Bank lending missed government targets by about $200 billion.
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