Spain, in the midst of a massive recession, saw a 6.5% decrease in industrial output in February 2013 versus a year earlier. That followed a 4.9% decline in January.
The bad news further complicates an economic meltdown that includes bank failures, massive company debuts and austerity measures forced on the government as part of bailouts from the EU. Continue reading
European Commission officials finally admitted what economists have been saying for months: the recession across the eurozone will continue through 2013.
The Commission said the eurozone’s economy is expected to shrink .3% during 2013. The Commission has been holding to a previous published report that the eurozone would see .1% growth during the year. The economy shrank .6% during 2012. Continue reading
The recession across the eurozone increased significantly during the fourth quarter of 2012 according to official figures released today.
The 17 nations that make up the euro showed an economic shrinkage of .6% in the final three months of the year, the sharpest decrease since 2009 and the first time ever the eurozone has shown contraction over every quarter in a calendar year. Continue reading
The European Central Bank has revised its outlook for 2013 and is now stating that it’s likely the entire Eurozone will have a massive recession that will last through the year.
The report says growth will be between -0.9% and 0.4%, significantly lower than previous predictions of growth between 0.2% and 2.2%. Continue reading
The International Monetary Fund (IMF) has stated that the United States economic recovery “remains tepid” and has cut the estimated growth of the US economy by a tenth of a percentage point to 2% overall.
The IMF said that the eurozone debt crisis is a driving factor in the revised estimate but also uncertain domestic policies and the upcoming Presidential election. The IMF report also stated that “house prices have stabilized recently but remain at depressed levels.” Continue reading
The US economy’s unemployment rate increased slightly in April while the Eurozone’s held steady at a record high level.
The news sent all the US stock markets plunging lower in morning trading. The jobless rate in the US increased to 8.2%, up .1%, according to the Labor Department report. The number of jobs added in March and April was revised down by 49,000 and there are now five million fewer jobs in the US than at the start of the recession. Continue reading
