Business activity in the eurozone weakened further in August, as the bloc's economic downturn extended from manufacturing to the services sector.
Business activity in the eurozone weakened further in August, as the bloc’s economic downturn extended from manufacturing to the services sector, data from a purchasing managers’ survey showed Wednesday.
The HCOB Flash Eurozone Composite PMI Output Index–a gauge of activity in the manufacturing and services sectors–fell to a 33-month low of 47.0, from 48.6 in July. The reading, which indicates activity contracted as it fell below the 50 no-change mark, also came in below expectations of economists polled by The Wall Street Journal, who expected the PMI to tick up to 48.8.
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