Global Markets Are Down As The U.S. Economy Still Struggles

By Daniela Salvador

June 4, 2012 Updated Jun 4, 2012 at 12:37 PM EDT

Undated (Indiana's NewsCenter) - Global markets were down sharply Monday as the fallout continues from the weak May jobs report.

The U.S. economy added just 69,000 jobs last month and for the first time in nearly a year, the unemployment rate went up. This has investors rattled and coincides with a perfect storm of bad economic news around the globe.

China's economy is surprisingly slow, and the debt crisis in Europe is only worsening.

Greece could withdraw from the Euro, and there are renewed concerns about Spain needing a bailout.

Five months out from Election Day, the gloomy economic outlook spells danger for the president's re-election chances.

President Obama tried to put a positive spin on the jobs report but acknowledged the obvious.

“We've got more work to do,” Obama said. “We are not satisfied.”

The president's campaign is going on the attack with a new TV ad Monday slamming Mitt Romney for his record on jobs as governor of Massachusetts.

The ad talks about how when Mitt Romney was Governor, Massachusetts lost 40,000 manufacturing jobs. It claims that if Romney's economic plan didn't work then, it wont work now.

Over the weekend, both campaigns boiled down their economic sales pitches.

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