Markit: Eurozone downturn ‘continued in September’

<p>The eurozone downturn showed no signs of letting up in September, according to new data.</p>

The eurozone-wide economic downturn showed no signs of letting up in September, fresh data has revealed today (October 3rd).

According to the Markit Eurozone Composite purchasing managers' index (PMI), the region's final output reading for the month was 46.1, which is an improvement on a flash estimate of 45.9, but lower than August's 46.3.

Even though the figure was better than first predicted, it is still under the PMI benchmark of 50, therefore indicating contraction and not expansion.

The Final Eurozone Services Business Activity reading was also lower than August, sliding from 47.2 to 46.1.

France recorded all-sector output growth just 43.2, which is a 42-month low for the nation.

"It seems inevitable that the region will have fallen back into recession in the third quarter," commented chief economist at Markit Chris Williamson.

At 10:50 BST, the German Dax was marginally higher at 7327.1 points, while the French Cac 40 was down to an index value of 3413.4 points.

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