Bloomberg: Business Activity Slumps Globally, Feeding Recession Concerns
Economic activity weakened from the US to Europe and Asia, reinforcing concerns that soaring prices and the war in Ukraine will tip the world into a recession.
US business activity contracted for a second-straight month in August, falling to the weakest level since May 2020, S&P Global data showed Tuesday. Activity in Asia slumped, and output in the 19-nation euro zone also fell as record energy and food inflation saps demand and more sectors succumb to the darkening outlook.
The US figures pointed to weaker demand at both manufacturers and service providers as rising interest rates and high inflation weighed on consumers. New orders shrank for the second time in three months, and employers scaled back hiring.
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Update: Russia’s war at 6 months: A global economy in growing danger (AP)
WNU Editor: I believe we are already in a global recession coupled with an inflation rate that shows no signs of abating.
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