Fresh economic data pointed to a slowdown in U.S. and global growth, as higher prices and interest rates weigh on consumer demand, Europe enters a critical phase of its economic conflict with Russia, and China faces headwinds.

U.S. business activity fell more deeply into contraction territory in October, according to a survey of purchasing managers released Monday. A sharp slowdown in services activity, the biggest driver of the world’s largest economy, led the decline in the S&P Global’s U.S. composite output index.