Economic output in the eurozone slipped deeper into recession territory in October, a key indicator released Wednesday showed.
The London-based Markit economic research group said its composite purchasing managers' index (PMI) for the 17-member currency bloc slumped to its lowest level in 40 months this month, falling for the third consecutive month, from 46.1 in September to 45.8 in October. A reading below 50 indicates contraction.
Analysts had expected the index for the eurozone's service and manufacturing sectors to slip to 46.5 points this month.
"The survey is running at a level which is historically consistent with the region's economy contracting at a quarterly rate of over 0.5 per cent," said Markit chief economist Chris Williamson.
Most Popular Stories
- SEO Traffic Lab Celebrate Wins at Digital Marketing Event 'Internet World 2013' in London
- Social Media Initiatives Should Follow Customers' Lead
- Apple CEO: Offshore Units Not a 'Tax Gimmick'
- U.S. Senate Accuses Apple of Large-scale Tax Avoidance
- UTEP Water Recycling Project Wins Venture Titles
- Marketo Makes a Mint in IPO: Stock Shoots Up More than 50 Percent
- Bieber Booed at Billboard Awards
- Crude Oil Up, Gasoline Down
- Austin Startup Compare Metrics Raises $3.5 Million for Expansion
- Why So Many Top 'Car Guys' Are Actually Women