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Euro-Area Manufacturing, Services Output Contracts for 9th Month
Euro-area services and manufacturing output contracted for a ninth month in October, adding to evidence that the single-currency bloc’s economy is in a recession. A composite index based on a survey of purchasing managers in both industries dropped to 45.7 from 46.1 in September, London-based Markit Economics said today. That’s below an initial estimate of 45.8 on Oct. 24. A reading below 50 indicates contraction. “It’s a pretty grim message,” Jonathan Loynes, an economist at Capital Economics in London, said by telephone. “There’s been a bit more optimism recently about the debt crisis, but the ... (full story)