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As the European crisis intensifies, a growing number of companies in the United States are warning investors that sales in the region are slowing and could get much worse.
In the technology industry, one of the most exposed to Europe and an engine of the American recovery, Cisco, Dell and NetApp have all recently pointed to unexpected weakness in European sales. Other areas with major exposure to the Continent, including automakers and industrial companies, are beginning to voice similar cautions.
Just a few months ago, market watchers were optimistic that the American economy had decoupled from Europe’s problems, able to grow even as the Continent faltered.
While most of the focus has been on oppressive debt and debilitated banks in the euro zone, concerns are shifting to the drag that recession in Europe is exerting on the global economy. Over the weekend, President Obama reflected the growing anxiety by saying that Europe’s economy is “starting to cast a shadow on our own as well” and that it was partly to blame for the recent slowdown in job creation in the United States.
The economy of the European Union, which holds the 17 nations that use the euro currency and 10 others, is a larger economic unit than the United States or China.
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