A series of grim economic reports on Friday could set the United States on pace for another economic slowdown, following in the steps of European economies. Friday's employment report showed that the United States added only 69,000 jobs last month. Meanwhile, a separate report showed that manufacturing has slowed. Consumer spending went up, but outpaced incomes. On the heels of this news, the markets tumbled by the end of the day Friday, with the Dow closing at its lowest mark this year. Many economists believe the poor showing here in the United States is directly related to investor fears about what’s happening in Europe. Peter Spiegel, Brussels bureau chief for the Financial Times, offers his analysis.