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Poor Economic Data From the U.S
The Labor Department on Friday reported the nation’s economy added 431,000 jobs in May, but Census hiring inflated the numbers, masking weakness in private-sector hiring. Economists had expected an increase of about half a million jobs on the month.

U.S. Stocks Solidly Down
Major stock indexes ended the first week of June solidly in the red, despite a big rally on Wednesday and slight gains on Thursday, the first two-day winning streak in more than a month. However, all those gains and then some disappeared on Friday. The Standard & Poor’s 500-stock index dropped 3.4% on Friday, to end with a weekly decline of 2.3%.

The Euro Hit Multi-Year Lows on Debt Concerns
The euro hit a four-year low against the U.S. dollar Friday, losing ground as weak U.S. payroll figures and mounting concerns about Hungary’s fiscal situation prompted investors to run toward the relative safety of the greenback. Against the dollar, the euro traded at $1.1896, down from $1.1966 late in North American trading Friday — the day it broke the key level of $1.20 for the first time since late March 2006. The dollar index, which tracks the U.S. unit against a basket of six major currencies, rose to 88.61 from 88.30 late Friday in North American trading.

Oil Makes Hefty Declines
Last week Oil made a hefty decline as traders fretted about the prospects for oil demand after disappointing U.S. economic data and amid fresh European debt concerns. The poor economic news, coupled with new worries about Europe’s debts, fueled uncertainty over the future for oil demand.

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