Euro-Area Services, Manufacturing Slump

Weak readings on purchasing indexes suggests euro area contraction continues in Q3.

Euro-area services and manufacturing output fell to a 39-month low in September as European leaders struggled to reverse the single-currency bloc’s slide into recession.

A composite index based on a survey of purchasing managers in both industries in the 17-nation euro area dropped to 45.9 from 46.3 in August, London-based Markit Economics said today in an initial estimate. A reading below 50 indicates contraction. Economists had forecast a reading of 46.6, the median of 23 estimates in a Bloomberg News survey showed.

ECB Rate Cut

In the U.S., manufacturing output growth probably slowed in September, the median of 13 economists’ estimates in a Bloomberg Survey showed. Markit will release the report at 2 p.m. today in London.

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