Europe Bracing for Recession as People Struggle With Increasingly High Cost of Living
Europe is showing signs of heading into a recession as multiple economic surveys show the region’s services and manufacturing sectors slowing down while a large number of the continent’s citizens are struggling to cope with rising prices.
The S&P Global Eurozone Composite Output Index fell to an 18-month low in August at 48.9, according to a Sept. 5 news release (pdf).
The eurozone private sector “moved further into contractionary territory” in August. Both services and manufacturing output fell for the month. The Composite PMI Output Index for Germany, the largest economy in the eurozone, was at a 27-month low of 46.9. In France—the second largest economy of the region—the index was at a 17-month low of 50.4….