COMING SOON TO AN ECONOMY NEAR YOU – AT 9:42 A.M. ET: The stunning new jobless claims figure for the U.S. isn't the only rough economic news. Europe is slipping either further, something bound eventually to affect us here. From Reuters:
(Reuters) - The debt crisis dragged the euro zone into its second recession since 2009 in the third quarter despite modest growth in Germany and France, data showed on Thursday.
The two leading economies both managed 0.2 percent growth in the July-to-September period.
But the resilience could not save the austerity-hit 17-nation bloc from overall contraction as the likes of The Netherlands, Spain, Italy and Austria shrank.
Economic output in the euro zone fell 0.1 percent in the quarter, following a 0.2-percent drop in the second quarter.
Those two quarters of contraction put the euro zone's 9.4 trillion euro ($12 trillion) economy in recession, although Italy and Spain have been contracting for a year already and Greece is suffering an outright depression.
A rebound in Europe is still far off. The debt crisis that began in Greece in late 2009is still reverberating around the globe and holding back a lasting recovery from the Great Recession of 2008/2009 in much of the world.
COMMENT: Sometimes you get the feeling that Europe is hopeless. It is basically one big welfare state, where people see their governments as ATM's. But, as Margaret Thatcher so eloquently put it, "eventually you run out of other people's money."
Europe is a huge trading partner of America. With economic numbers declining in Europe, the trade will decline as well.
Do you feel a yearning for Romney?
November 15, 2012