Driving the Day: 11/16/12

Nov 16, 2012

Need to know…

  • Eurozone Falls Back Into Recession. The 17-country eurozone has fallen back into recession for the first time in three years as its debt crisis took a toll on the stronger economies. Official figures Thursday showed that the eurozone contracted by 0.1% in the July to September period from the quarter before. The eurozone's economy is worth around $12.1 trillion, which puts it on a par with the U.S. economy. The region, with its 332 million population, is the U.S.'s largest export customer, and any fall-off in demand will hit order books.
  • Small Business Saturday Focuses on Local Jobs, Economy. On November 24, 100 million-plus consumers will shop local on Small Business Saturday, an initiative started by American Express in 2010 as a way to help generate more awareness of local, small businesses. Through the Shop Small initiative, American Express offers marketing materials, signage, loads of tips, and a free online advertising program on a first-come, first-serve basis to small businesses.
  • Federal Housing Administration Faces $13.5 Billion Deficit. The Federal Housing Administration faced a deficit of $13.5 billion for the fiscal year ending in September, according to an audit released late yesterday. The report says the FHA will not have the capital resources available to handle the estimated losses on the mortgage debt that it backstops. The decision about whether the FHA will receive additional funding is expected in February. Treasury Department, as opposed to Congress, will make the decision because of the FHA’s status as a “permanent and indefinite” budget authority.

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