The U.S. and European economies slowed sharply in June as surging prices of energy and food weakened demand for other goods and services, business surveys showed, increasing the risk of recessions around the world.
The new figures measuring manufacturing and services activity underline how dark the outlook has become in both Europe and the U.S. as Russia’s war in Ukraine drags on, and with high inflation spreading across the board, supply-chain disruptions and the prospect of rising interest rates curbing business investment. Europe faces additional pressure from a possible energy shortage this winter.
