European crisis could affect more than U.S. exports

On June 1, the Department of Labor had released the worst employment report of the year, showing the economy added just 69,000 new jobs in May. The culprit, in the eyes of President Barack Obama, was Europe.

 

"A lot of that's attributable to Europe and the cloud that's coming over from the Atlantic," he told the crowd at a Chicago fundraiser.

 

"The whole world economy has been weakened by it, and it's having an impact on us."

 

Parsing out the exact impact of the European crisis on the U.S. economy can be difficult. There's a strong chance that Europe will wound the U.S., and the cumulative effect could be drastic. The danger doesn't come from where you would expect — exports from the U.S. to Europe.

 

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