HispanicBusiness

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.