Perhaps Everyone in Europe, Besides the Germans, is A Whiner

The past week was packed.  Mainly, the market focused its attention on Chinese economic conditions, most notably whether growth (whether real or fake) can continue at the projected 7% for the remainder of 2015. [buffett] Next in importance behind China was the American labor market.  Month-over-month job growth came in at +173, well below the 217K the market expected, but still in moderate growth territory.  Year-over-year job growth decelerated to 2.09%, a six month low. Europe What seems to have been forgotten, although perhaps just as important, is the state of business in Europe. Last week we saw Manufacturing PMIs…