Has the European slowdown finally hit America?

The stock market, at least, is taking a wait and see approach. Though stocks tumbled on the release of the report, they wandered higher throughout the day. But it is unclear how long the U.S. can withstand continued contraction in Europe and elsewhere. The blog Zero Hedge posted an analysis of global manufacturing numbers from Bank of America showing that 17 of 24 countries are reporting a contraction in that sector. The news is not good and, according to the bank, “The ongoing sovereign debt and banking crisis continues to weigh on the region’s economic activity and sentiment. The Euro area slowdown is beginning to impact the rest of the world.”