Eurozone economic recovery slowing

ECONOMIC recovery in the 16-country Eurozone continued to lose momentum at the start of the fourth quarter, preliminary purchasing managers’ indices (PMI) showed yesterday.

Markit’s composite output indicator for the Eurozone manufacturing and service sector fell to a 12-month low of 53.4 in October from 54.1 in September and a 32-month high of 57.3 in April.

Eurozone manufacturing activity improved slightly in October after slowing to an eight-month low in September but the services PMI weakened even further to an eight-month low.

The more forward-looking indicators in the surveys also pointed to softer activity ahead.