Euro-Area Output Contracts

Purchasing managers index signals recession in eurozone.

Euro-area services and manufacturing output contracted more than initially estimated in August, adding to signs the economy has slipped into a recession.

A composite index based on a survey of purchasing managers in both industries in the 17-nation euro area fell to 46.3 from 46.5 in July, London-based Markit Economics said today. That’s below an initial estimate of 46.6 published on Aug. 23. A reading below 50 indicates contraction.

‘High Expectations’

Stefan Keitel, global chief investment officer at Credit Suisse Asset Management Ltd., told Maryam Nemazee on Bloomberg Television’s “The Pulse” on Sept. 3 that “it’s only a matter of time” before the ECB starts buying Spanish government debt.

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