European PMIs Fall Again

The eurozone’s preliminary composite Purchasing Managers' Index (PMI) edged down again, from 48.9 in August to 48.2 in September, its lowest level since January 2021. Today's lower PMI figures suggest that economic growth will continue to slow and that a recession is looming in many European countries. But despite the economic downturn, high inflation will force the European Central Bank and the Bank of England to continue tightening their monetary policy.