Cliff Diving in Europe
Worried about Europe? You should be! Via Stuart Staniford, here's the latest bad news from the eurozone: In September, as the chart below shows, industrial orders plunged 6.4% in the euro area (pink line) and 2.3% in the broader EU (black line). Here's Stuart:
There have been indicators suggesting mild contraction for a while — eg retail trade. But this is the first indicator I've seen that looks like the kind of sharp non-linear contraction characteristic of an out-and-out recession. I guess there's always the possibility that October will be better. However, given the financial news flow in the last six weeks, it's hard to imagine too many European executives getting all giddy and excited in approving new projects.
He's got more bad news at the link, if you have the stomach for it.