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Thursday Morning Business Brief

November 15, 2012, 5:38 AM

Thursday Morning Business Brief

The European Union's statistics office has made it official. The 17-country eurozone economy is back in recession. Eurostat says the eurozone economy contracted by 0.1 percent in the July to September period from the quarter before. The wider EU, which includes non-euro countries, avoided recession, with output increasing 0.1 percent during the quarter.

  • Stocks took a tumble in the latest session. The Dow lost 185 points, or 1.5 percent, to close at 12,571. The S&P fell 19 points, while the Nasdaq shed 37 points. Futures have pointed upward today.
  • International stock markets tumbled today as hopes began to fade for a quick agreement among U.S. leaders to avoid a "fiscal cliff" that could derail the world's biggest economy. Benchmarkcrude oil slipped but remained above $86 a barrel. The dollar fell against the euro but gained against the yen.
  • Weekly jobless claims are on today's economic calendar from the Labor Department. So is the government's main gauge of inflation at the retail level, the Consumer Price Index.
  • The foreclosure listing firm RealtyTrac says the pace is slowing for homes entering the foreclosure process or actually being repossessed. Some states have seen an increase but RealtyTrac says the decline at the national level could coincide with increases in home sales. That can make refinancing easier as well.

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