Economic output in the eurozone has confounded forecasts by sliding deeper into recession territory in September, a key indicator released Thursday showed.
The London-based Markit economic research group said its closely
watched composite purchasing managers' index (PMI) for the 17-member
currency bloc fell from 46.3 in August to 45.9 in the same month of
last year - its lowest level in more than three years. A reading
below 50 indicates contraction.
Analysts had expected the index for the eurozone's service and
manufacturing sectors would edge up to 46.6 points after the European
Central Bank's announcement of a new bond-buying programme had helped
to spur cautious optimism about the eurozone's outlook.
Instead, the PMI fell at its fastest pace since June 2009, Markit
said.
