For a frustrating third year in a row a convincing economic recovery - once in sight - appears to be fading away.  European leaders seem unable to handle a two year old debt crisis, and U.S. growth data has been weaker than expected.

Oil and stock markets in the U.S. reflected this pessimism today.

STOCK MARKETS DOWN

The Dow ended the day down 25.81 points or 0.2 percent.  With a 6.2 percent drop, this was the was the worst monthly decline for the Dow since May 2010.

This was also the first time since January 1968 that the Dow had just five days of gains in a month.

The NASDAQ was down 0.4 percent, while the S&P was down 0.2 percent.

FACEBOOK UP

Facebook had its best one day gain as a publicly traded company.  The stock ended the day at $29.60, up $1.40 or 5 percent.  The stock is still down about 23 percent from its IPO price.

BIG MONTHLY DROP IN OIL

We started the month with oil well above a $100.  Today oil settled at $86.53 in New York trading, down more than 17 percent this month.

NOW TO TOMORROW MORNING'S JOBS REPORT…

Expectations are that about 150,000 jobs were added in May.  A report showing less than 100,000 jobs added will be bad news.