Eurozone falls back into recession while US sees retail sales fall

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There’s a fair bit of economic news today. The eurozone has re-entered recession – an entirely ‘self-made’ situation, according to a professor of economics. Austerity in the south and lethargy in the north have combined to make a bad situation worse. The UK, with growth of a measly 1%, has helped boost the EU. Who’d have thought it?

Meanwhile, as the US gears up for the shopping fest that is Black Friday, the National Retail Federation urges politicians to flatten the fiscal cliff before Thanksgiving, while Sandy has stuck at the heart of a consumer nation – retail sales fell in October for the first time in four months.