European economy shrank in third quarter

Filed under: AM Roundup |

Europe’s economy shrank by .3 percent in the third quarter of 2011, reports Bloomberg News.

Exports fell .4 percent, after a 1.4 percent gain the previous three months, consumer spending dropped .4 percent and investment dropped .7 percent.

Europe could be facing its second recession in less than three years, but some analysts believe the economy is stabilizing.

Read more at Bloomberg.