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Data indicate difficult times ahead as U.S. business activity contracts, Europe energy costs rise and China’s exports slow
Fresh economic data pointed to a slowdown in U.S. and global growth, as higher prices and interest rates weigh on consumer demand, Europe enters a critical phase of its economic conflict with Russia, and China faces headwinds.
U.S. and European business activity fell in October, according to new surveys released Monday. A sharp slowdown in services activity, the biggest driver of the world’s largest economy, led the U.S. decline.