Eurozone downturn deepens, raising recession fears
European economic activity fell once again in September, a closely-watched survey showed on Friday, heightening expectations that a recession was coming. "The Eurozone economic downturn deepened in September, with business activity contracting for a third consecutive month," S&P Global Flash Eurozone PMI said. "Although only modest, the rate of decline accelerated to a pace which, barring pandemic lockdowns, was the steepest since 2013." The purchasing managers' index fell from 48.9 in August to 48.2 in September – with a score under 50 representing economic contraction. "A eurozone recession is on the cards as companies report worsening business conditions and intensifying price pressures linked to soaring energy costs," Chris Williamson, chief business economist at S&P Global Market Intelligence said. "Germany is facing the toughest conditions, with the economy deteriorating at a rate not seen outside of the pandemic since the global financial crisis." Rocketing energy prices and steep rises in the cost of living are hitting demand and limiting manufacturing output. Inflation in the eurozone climbed to 9.1 per cent in August, an all-time high, with analysts predicting the...