After Brexit, Signs Point to Recession for Britain

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The latest survey of purchasing managers suggests bad news for Britain:

The U.K. economy likely contracted in July as businesses responded to the uncertainty created by a vote to leave the European Union by cutting output and payrolls, according to a survey of purchasing managers at manufacturers and service providers….The U.K. PMI is a measure of activity based on monthly questioning of 600 manufacturing companies and 650 service providers since 1998. It has a close correlation with official measures of economic growth.

….Markit said the measure fell to 47.7 in July from 52.4 in June, the sharpest one-month drop on record. A reading below 50.0 signals a decline in activity, and a reading above that level indicates an expansion.

Is this a temporary dip, or a sign of things to come? Obviously we don’t know yet. But that’s a helluva big drop for a single month.

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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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