Forget Europe, It’s US That Poses Bigger Threat: O’Neill

Troubles in the U.S., particularly relating to the weak employment picture, pose a bigger threat to markets than the European debt crisis, Goldman Sachs strategist Jim O'Neill told CNBC.

Ben Stansall | AFP | Getty Images Jim O'Neill

Despite all the focus on weakness in Greece, Spain and elsewhere, the chairman at Goldman Sachs Asset Management said he is more concerned about elevated weekly jobless claims as a sign that the American economy remains fragile.

"The markets are right to be concerned with these (European) issues. But just as importantly to the (Standard & Poor's 500 [.SPX  1319.99  ---  UNCH    ]) in my opinion is what's going on with weaker job claims and the growing evidence that some of the momentum in the U.S. has been lost," O'Neill told "Squawk Box." "I'm not sure that the European thing is that important to non-European markets going forward."

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