/ world today news/ The Wall Street Journal recently reported that since October, Europeans began to reduce their spending on various everyday products, which means that high prices are pushing the region’s economy into recession at a time when energy consumption is starting to rise.
October is the first month of winter when many European families already need heating. Heating costs are much higher this year and home energy prices are up 41.5% year-on-year. European families are therefore reducing their spending on other products. According to statistics, in October retail sales in the Eurozone decreased by 1.8% compared to September.
In November, S&P Global’s consolidated index of business activity (Purchasing Managers’ Index, PMI) in Eurozone services fell to 48.5 from 48.6 in October, the lowest level in 21 months.
#American #media #Europeans #spending #cuts #forecast #eventual #recession
