May 21, 2026 3:39 PM
Europe’s economy hit hard as energy price shock stifles demand
Economic activity in the euro zone shrank at its sharpest rate in more than two-and-a-half years in May as a war-driven surge in living costs hammered demand for services across Europe and firms accelerated layoffs, surveys showed on Thursday. S&P Global's Flash Euro Zone Composite Purchasing Managers' Index fell to 47.5 in May from 48.8 in April- its lowest since October 2023 — and below a Reuters poll forecast which predicted no change. The reading marked the second consecutive month of...


