The latest manufacturing PMIs are consistent with a significant downturn in global industry. As higher interest rates take a further toll on demand, shortages should continue to alleviate, helping to ease price pressures. However, as the PMIs suggest, goods inflation will be more stubborn in Europe than in the US.
Global Economics Drop-In (8th November): The global economy is heading for recession as tightening bites. Join this 20-minute online briefing to find out which economies will be hit hardest, the outlook for inflation and central bank actions, and the downside risks ahead. Register here.
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