Yes, that bastion of free market capitalism has given a very thoughtful and thorough reasoning for their decision. Here it is in part:
Oct 30th 2008
America should take a chance and make Barack Obama the next leader of the free world.
IT is impossible to forecast how important any presidency will be. Back in 2000 America stood tall as the undisputed superpower, at peace with a generally admiring world. The main argument was over what to do with the federal government's huge budget surplus. Nobody foresaw the seismic events of the next eight years. When Americans go to the polls next week the mood will be very different. The United States is unhappy, divided and foundering both at home and abroad. Its self-belief and values are under attack. For all the shortcomings of the campaign, both John McCain and Barack Obama offer hope of national redemption. Now America has to choose between them. THE ECONOMIST does not have a vote, but if it did, it would cast it for Mr Obama. We do so wholeheartedly(italics added): the Democratic candidate has clearly shown that he offers the better chance of restoring America's self-confidence.
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And if you want to see how the rest of the world would vote, if it could, check out this site: