Both Barack Obama and his Republican opponents claim responsibility for creating jobs. Ezra Klein asks how much influence a US president actually has when it comes to generating employment.

EUROPEAN stocks sank the most in fourth months, extending an 11-month low, amid concern the US recovery is faltering and the world’s largest economy may lose its top credit rating.

The US economy is likely to grow by between 2.5% and 3.5% this year, avoiding a slide back into recession, National Bureau of Economic Research (NBER) president Martin Feldstein said.