Private sector shrinks in September
The euro zone private sector contracted for the first time in 2 years in September, statistics showed on Wednesday. The purchasing managers’ index showed the services sector shrunk faster than previously forecasted in the flash estimates as new business composite PMI dipped lower, to its lowest since July 2009.
Data released earlier on Wednesday also showed that the services sector in Europe’s largest economies was also lower, with Germany recording a contraction and France showing only modest growth. The composite index for France was also lower than a previous estimate.
The euro zone final PMI services reading came in at 48.8, versus a previous flash estimate for 49.1 and down from Augusts’ 51.5. The composite index, which combines the services and manufacturing sectors fell to 49.1 versus the preliminary reading of 49.2 and down from 50.7 in August.
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