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News Summary: OECD says Europe remains vulnerable

The Associated Press

GLOBAL THREAT: Europe's recession threatens the world's economic recovery, the Organization for Economic Cooperation and Development warned in its half-yearly update. It slashed its forecast for the 17 countries that use the euro, saying the economy will shrink by 0.6 percent this year.

MORE JOBLESS: The eurozone's 12.1 percent unemployment is likely to continue to rise. The report predicts unemployment will reach 28 percent in Spain next year and 28.4 percent in Greece.

U.S. BLUES: The U.S. economy is expected to continue outpacing Europe with growth of 1.9 percent in 2013, but could be hurt if Europe remains stuck. The organization urged U.S. politicians to soften across-the-board budget cuts and put a long-term fiscal plan in place.