Eurozone private sector business activity slumped deeper into the mire in October, falling at its fastest rate since June 2009 to 40-month lows, a closely watched survey showed Wednesday.
The Composite Purchasing Managers Index (PMI), a survey of 5,000 eurozone businesses compiled by the Markit research firm, fell to 45.8 points in October from 46.1 in September. The index is a leading indicator, and any reading below 50 indicates a contraction in activity, with the eurozone getting off to a bad start for the fourth quarter as the debt crisis continues to undermine growth and jobs. The preliminary data showed the Services sector PMI at 46.2 points in October, edging up from 46.1 in September while the Manufacturing sector fell very sharply to 45.3 from 46.1. Markit said activity had fallen continually since September 2011 with the exception of a marginal increase in January.
