American jobs data was the worst in a year and unemployment rate rose 8.2%. What's interesting however is that unemployment rate in the US has exceeded 8 percent since February 2009, the longest such stretch since monthly records began in 1948.

eurozone's manufacturing contracts at its steepest pace in three years

Reuters has reported that the eurozone's manufacturing sector contracted at its steepest pace in nearly three years last month as the debt crisis hammered confidence and new orders continued to dry up, a business survey showed on Friday.

100 billion euros leaves Spain in 2012

The Financial Times reported that Madrid was dealt a double blow on Thursday after it emerged that almost €100bn in capital had left the country in the first three months of the year. That is staggering by any stretch of imagination.

Britain's manufacturing shrinks the fastest pace in three years

A Reuters report on Friday revealed that Britain's manufacturing activity shrank at its fastest pace in three years last month as the global economic slowdown hit demand for its goods.

China's manufacturing sector contracts sharply

According to the Wall Street Journal the final HSBC China Manufacturing Purchasing Managers Index, a gauge of nationwide manufacturing activity, fell to 48.4 in May compared with 49.3 in April, HSBC Holdings PLC said Friday. The fall may add to concerns over faltering growth in the world's second-largest economy. A reading below 50 indicates a contraction in manufacturing activity from the previous month, while a reading above 50 indicates expansion, the Wall Street Journal has stated.

Italian jobless rates highest in 10 years

A Bloomberg news on Friday has said that Italian jobless rate exceeds 10 percent as recession bites. It is the highest in 12 years.

Euro area unemployment reaches highest on record

According to Bloomberg the Euro-area unemployment reached the highest on record as a deepening economic slump and budget cuts prompted companies from Spain to Italy to reduce their workforces.

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