Europe
The picture in Europe is decidedly dimmer, IPC continued. The Russian invasion of Ukraine continues to put tremendous pressure on the global economy, but the impact is especially pronounced in Europe. Europe reported annual inflation of 9.1 percent in August, another new high for the continent. Moreover, pressures continue to mount and Europe will see a few more months of new inflationary highs.
“Right now, all eyes are on inflation,” said Shawn DuBravac IPC chief economist and report author. “Whereas inflation has likely peaked in the U.S., that is not the case in Europe, and likelihood of a recession in Europe next year is high. When the prospect for growth is limited, it does not take much to push an economy into recession.”
In addition to DuBravac‘s observations, the report also provides U.S. and European data on economic growth, employment, consumer sentiment, manufacturers’ sentiment (PMI), manufacturing capacity utilization and end markets for electronics. View it here.
