Surveys in Europe show a deepening cost of living crisis and a gloomy outlook that is keeping consumers wary of spending.
September 5, 2022, 11:53 AMLONDON - The euro zone is almost certainly entering a recession, with surveys on Monday showing a deepening cost of living crisis and a gloomy outlook that is keeping consumers wary of spending.
Gas prices on the continent soared as much as 30% on Monday, stoking fears of shortages and reinforcing expectations for a recession and a bitter winter as businesses and households are battered by sky-high energy prices. "The revision is mainly due to developments in energy prices which, even after retreating over recent days, remain elevated and which mean that the impact on household spending will be larger than we hitherto anticipated."That prospect of recession whacked investor morale in the currency union and it slumped in September to its lowest since May 2020, another survey showed.
In France, the euro zone's second-largest economy, the services sector lost more steam and only managed to eke out modest growth with purchasing managers saying the outlook was bleak.
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