Misery loves company. The economy is no exception.
As the U.S. fights stubbornly high inflation and braces for the aftereffects of interest rate hikes, American consumers are also facing headwinds from Europe and the United Kingdom.
Months of soaring energy prices driven in part by the war in Ukraine have wreaked havoc on the Eurozone, and experts are predicting a grueling, brutal winter across the Atlantic Ocean.
A looming recession in Europe could sap even more energy from the U.S. economy through a dismal stock market, falling exports, less business from abroad and a decline in tourism.
“We often say that when the U.S. sneezes the rest of the world catches a cold. Well, the reverse is true as well,” Gregory Daco, chief economist at EY-Parthenon, said in an interview this week.
Steeper stock market swoon
U.S. stocks have plunged this year as higher interest rates, slowing economic growth and…
