Europe’s Economy Contracts as Tough Winter Looms

Europe’s Economy Contracts as Tough Winter Looms

Business surveys point to difficult economic times ahead, with Europe facing higher energy costs after Russia cut supply and China’s exports slowing

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.

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