New weekly claims for unemployment fell last week to the lowest level in four and a half years. Elsewhere around the world, the S&P has downgraded the soveign debt of Spain.
The head of the International Monetary Fund, Christine Lagarde, wants countries to stop cutting and start spending. In Tokyo today, the leader warned that austerity is making the global economy worse.
German Chancellor Angela Merkel is in Greece today for her first visit since the European debt crisis began. Greeks aren't laying out the welcome mat though, as masses come out to protest against German-led austerity.
In Europe, the latest signals are that Spain will not take a bailout in the immediate term. China's economic growth is slowing as investment takes a back seat to consumer spending.
Whispers and nameless sources this morning are signaling Spain is preparing to ask the European Central Bank for a sovereign bailout causing bond and equity markets in Europe to zig and zag throughout the day.
September manufacturing wilted in Europe — and a new unemployment report by the EU shows lots of young people were out of work in August. But European stock markets had a strong day. What gives?
