Global Growth Slows as US Economy Approaches Stalling Point

The global growth outlook is dimming as various countries, including the Eurozone, UK, Canada, and China, show signs of weakness. The US remains the main source of global growth, but rising interest rates are a concern. Data reveals a plunge in mortgage applications and the restart of student debt repayments in August. While there are pockets of growth in India, Brazil, and parts of southern Europe, the overall picture is darkening. The upcoming US services PMI will provide insight into the future of services spending, which is expected to decline in the coming months.