Cliff Diving in Europe

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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.

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DEMOCRACY DOES NOT EXIST...

without free and fair elections, a vigorous free press, and engaged citizens to reclaim power from those who abuse it.

In this election year unlike any other—against a backdrop of a pandemic, an economic crisis, racial reckoning, and so much daily bluster—Mother Jones' journalism is driven by one simple question: Will America move closer to, or further from, justice and equity in the years to come?

If you're able to, please join us in this mission with a donation today. Our reporting right now is focused on voting rights and election security, corruption, disinformation, racial and gender equity, and the climate crisis. We can’t do it without the support of readers like you, and we need to give it everything we've got between now and November. Thank you.

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