Europe Facing Major Recession Ahead Of Christmas Holiday

At the beginning of November, Europe was either on the verge of or deep within a big recession, indicating that the last three months of 2023 would not be an ideal time.

According to a report, a severe recession has been brewing since October, when polls showed a sharp decline in the strength of the most critical service sectors. According to official figures, the European economy shrank by 0.1% in the third quarter, and analysts expect more dismal market performance for the remainder of the year.

Reports show The S&P Global Index had its lowest levels since November 2020, when the COVID-19 shutdowns and other restrictions effectively eradicated the European way of life. It seemed that the bloc entered Q4 at a disadvantage, measured by the final Composite Purchasing Managers’ Index (PMI) released on Monday.

Capital Economics member Adrian Prettejohn explained to media outlets that the expectation that euro-zone GDP would decline again in Q4 is supported by final PMIs issued today. The new orders PMI has dropped to its lowest point since September 2012 (excluding the early epidemic months), and exports were also very poor, so the future is not looking good.

According to a report, consumer demand has dropped as rising prices have persuaded millions in Europe, Britain, and, perhaps, the United States to slam their pocketbooks shut.

An analysis zeroed in on the United Kingdom and found a 52% possibility of a recession, far higher than earlier estimates.

The implication for the United States is that we may be next in line.

A report reveals that a Financial Times-University of Michigan/Ross School of Business survey released Monday indicated that less than 15% of people think they are better off with Biden as President, raising Democrats’ concerns that “Bidenomics” has failed.

According to the poll, 14% of respondents felt they were better off today than when Biden entered office.

70% of Americans feel Biden’s economic policies damaged the US or had no effect.

Of the 70%, 33% felt the president’s policies negatively affected the economy greatly.

Inflation was the most immense financial burden for voters, with 82% citing rising prices.

75% thought that inflation would be the most significant danger to the U.S. economy in the next six months.