News Summary: Eurozone Slides Back Into Recession

The Associated Press

FAMILIAR TERRITORY: The 17-country eurozone, dogged by high unemployment and debt and pressure to cut government spending, has fallen into another recession.

THE DETAILS: Official figures Thursday showed that the eurozone contracted by 0.1 percent in the July-September period after a 0.2 percent decline in the previous three months. Two consecutive declines in output generally define a recession.

THE OUTLOOK: Surveys pointing to increasingly depressed conditions suggest the recession could deepen. The stakes are high for American business as the region that shares the euro currency is the U.S.'s largest export customer.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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