A Report From the Economy

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Something called the Institute for Supply Management’s factory index “plunged” to 38.9% in October. In an email, economist Dean Baker of the Center for Economic and Policy Research tells us why this matters:

[The ISM index] is a pretty good measure of the direction of change in
output in manufacturing. The current reading indicates that manufacturing output is falling sharply. That likely means many more layoffs and plant closings. It’s pretty bad news.

The index, which used to be called the purchasing manager’s index, is now at its lowest level since September of 1982. Numbers below 50% indicate that the economy is contracting. Newly minted economics Nobel winner Paul Krugman says the latest ISM number means “We need a government of national unity to deal with the economic crisis, starting at, oh, around 8:45 PM tomorrow.”

Photo from flickr user zengrrl used under a Creative Commons license.

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Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

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