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
- Major Phone Makers Sign Anti-Phone-Theft Pledge
- College Board Offers a Sneak Peak at New SAT
- 'Beige Book' Federal Reserve Survey, April 2014: Full Text
- Yellen Remarks, Market Data Give Stocks a Boost
- Chevrolet's Small SUV Coming to the U.S.
- Yahoo Struggles Despite Alibaba Boost
- Is This Job Too Good to Be True?
- Rapper Cuts Off Own Penis, Jumps Off Building in Failed Suicide
- Neil Young Closes Kickstarter Campaign for PonoMusic
- Castro Named as a Caress Fabulista