It is a global economy and Europe is sneezing. As the FT report:
German industrial output suffered its biggest monthly decline in more than five years in August, raising fears that Europe’s biggest economy might be heading for recession and prompting renewed concern about the economic health of the eurozone.
Not just the Eurozone, according to Brookings, but the whole world … the U.S. being, perhaps, exempted:
The global economic recovery has stalled and become unbalanced, with the U.S. now the sole major economy still showing signs of strength. Growth in China and many other major emerging markets seems to be losing momentum. The world economy is now being powered along essentially by one engine, with the U.S. business cycle at least temporarily delinking from the rest of the world.
