As in many other parts of the world, Europe is enduring a cost of living crisis, and faced with soaring energy and food bills many consumers are reining in their spending.
An index measuring output, which feeds into a composite PMI due on Monday and is seen as a good guide to economic health, nudged up to 46.5 from 46.3 but marked its third month of sub-50 readings. “Forward-looking indicators suggest that the downturn is likely to intensify — potentially markedly — in coming months, meaning recession risks have risen.”
A stocks of finished goods index climbed to 53.3 from 52.5,the highest since the survey began in mid-1997.
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