Business Today: Futures drop before payrolls, economic worry escalates

Click to View in Browser 06/1/2012 Futures drop before payrolls, economic worry escalates NEW YORK (Reuters) - Stock index futures fell on Friday, indicating further losses for the S&P 500 after it suffered its worst monthly slump since September, as weak Chinese factory data heightened fears of a slowing global economy ahead of a key jobs report. Job growth falters in May WASHINGTON (Reuters) - Job growth in May was the weakest in a year and employers added far fewer jobs in the prior two months than previously reported, suggesting the economic recovery was faltering. Consumer spending strengthens, inflation eases WASHINGTON, June 1 - Consumer spending rose modestly in April while incomes grew more slowly and inflation pressures eased, according to Commerce Department data published on Friday. Slowdown worsens as China cools, Europe sinks LONDON/SINGAPORE (Reuters) - Some of the world's major economies are faltering or shrinking, with Chinese factory output barely growing and powerful European manufacturing countries falling deeper into malaise, surveys showed on Friday. Money flies out of Spain, regions pressured MADRID (Reuters) - Spaniards alarmed by the dire state of their banks are squirreling money abroad at the fastest rate since records began, figures showed on Thursday, and the credit ratings of eight regions were cut. BP puts giant Russian joint venture up for sale LONDON/MOSCOW (Reuters) - A Russian state firm has offered to buy BP's half share in its huge oil joint venture, a source said on Friday, in what would amount to a stunning reversal for the British firm and a bold assertion of Kremlin control over the oil sector. Chrysler new-car sales in May miss estimates DETROIT (Reuters) - Chrysler Group posted a 30 percent increase in May new-car sales in the U.S. market but fell short of what analysts had expected. Nasdaq plays tough with clients angry over Facebook NEW YORK (Reuters) - It's crisis communications 101 for Corporate America: when a company bungles an event as big as the Facebook IPO, alienates customers, and spawns lawsuits and regulatory inquiries, the CEO apologizes and agrees to provide compensation to make things right. Everyone can then move on. Nokia hits back at Google in latest patent war tussle HELSINKI (Reuters) - Nokia struck back at Google on Friday over its accusation that the cellphone maker was colluding with Microsoft to make money out of their patents. Euro zone unemployment hits record high, seen rising BRUSSELS (Reuters) - Euro zone unemployment has hit a record high, and job losses are likely to keep climbing as the bloc's devastating debt crisis eats away at businesses' ability to hire workers while indebted governments continue to cut staff. Related Video Suu Kyi speaks at WEF Drop in small business lending suggests lower GDP in 2012 Economic News Job growth falters in May More "Twist" is needed, Fed's Rosengren says A daily digest of breaking business news, coverage of the US economy, major corporate news and the financial markets. Register Today   The latest Reuters articles on M&A, IPOs, private equity, hedge funds and regulatory updates delivered to your inbox each day. Register Today   » MORE NEWSLETTERS - 3 Times Square New York, NY 10036 USA © Copyright 2010 Thomson Reuters Ensure delivery of Reuters Newsmails, add mail@nl.reuters.com to your address book. Details Subscribe to other Reuters newsletters. Unsubscribe from this newsletter. Follow us on Twitter Friend us on Facebook Forward to a friend