Europe is either on the brink of or already well into a major recession at the start of November, suggesting the final quarter of 2023 won’t be fun for the continent.
Business activity started on its downturn in October, with surveys showing a significant weakening of dominant service industries on Monday, Reuters reported, which suggests a major recession. Official data shows that the eurozone economy contracted by 0.1% in Q3, with estimates forecasting a bleak rest of the year for the markets.
Data from the S&P Global showed the lowest readings since Nov. 2020, when the COVID-19 lockdowns and other restrictions all but destroyed the European mindset and lifestyle. Monday’s final Composite Purchasing Managers’ Index (PMI) suggested the bloc walked into Q4 “on the back foot.”
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— KAY SMYTHE (@KaySmythe) November 6, 2023
“Final PMIs released today confirmed the preliminary estimates and are consistent with our forecast that euro-zone GDP will contract again in Q4,” Capital Economics member Adrian Prettejohn told the outlet. “The outlook also looks very weak, with the new orders PMI falling to its lowest level since September 2012, excluding the early pandemic months, while exports were also particularly weak.”
Consumer demand is down, Reuters noted, as the increased costs of just about everything convinces millions across across Europe, Britain and hopefully America (we really need to stop spending) to keep their wallets closed.
Analysis by Bloomberg focused on Britain, showing risks of a sharper decline than previous projections, and a 52 percent chance of a recession. (RELATED: Financial Expert Explains Why The Economy Is Collapsing In One Perfect Tweet)
So, what does that mean for America? Quite simply, it means we’re next. If you’re already well into your Christmas shopping, well done. It might be the last big one we have for quite some time.