It's official: The Eurozone economy contracted in the second quarter. If that contraction has continued over the summer, we call it a recession.

The Financial Times reports:

Robust investment and domestic consumption helped the German economy expand 0.3 per cent in the second quarter, beating expectations of just 0.1 per cent growth, while French GDP remained unchanged avoiding a highly anticipated contraction. The Netherlands also outperformed forecasts, growing 0.2 per cent.

But a 1 per cent fall in economic output in Finland, a close ally of Germany in the battle for greater austerity in Europe, illustrated how the sovereign debt crisis that has been troubling southern Europe is spreading to the bloc’s economically stronger core northern states.

Can the US remain untouched? Seems incredible that it can.