Euro zone business activity took a surprise turn for the worse this month as demand fell in a broad-based downturn across the region, a survey showed, entering the fourth quarter on the wrong foot and suggesting the bloc may slip into recession.
“The flash PMIs mark a poor start to October for the euro zone, especially after showing some early signs of recovery in September,” said Rory Fennessy at Oxford Economics.Suggesting a recession is well under way in Germany, Europe’s largest economy, business activity contracted there for a fourth straight month as the downturn in manufacturing was matched by a renewed decline in services, its PMI showed.
In Britain, outside the European Union, businesses reported another decline in activity this month, underlining the risk of recession ahead of the Bank of England’s interest rate decision next week. While the 20-country euro zone will narrowly dodge a recession, according to a recent Reuters poll, the economy was expected to have only flatlined last quarter and will do the same again in the current one.
Demand for services has fallen again this month and at a sharper rate than in September. The new business index dropped to 45.5 from 46.4, its lowest since the start of 2021.
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