Philly Fed Says Business Outlook Has Plummeted

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Joe Weisenthal points us to the Philadelphia Fed’s monthly Business Outlook Survey, which he terms a “disaster.” Here’s what the Philly Fed says:

The survey’s indicators for general activity, new orders, shipments, and average work hours were all negative this month, suggesting overall declines in business….Nearly 40 percent of the firms reported declines in activity this month, exceeding the 22 percent that reported increases in activity. Indexes for new orders and shipments also showed notable declines, falling 18 and 20 points, respectively.

Presumably Ben Bernanke and the other Fed governors knew this yesterday, when they met and decided not to do much about the economy. Perhaps they were swayed by the fact that the future outlook remained “positive.” Perhaps they don’t think there’s anything more they can do. I don’t know.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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