Eurozone Private Sector Undergoes Renewed Downturn

News, market analysis, investment scam prevention tips and more ✔️ Your source for latest asset management news and information. This magazine is crafted specifically for those who are interested in diving into the global asset management world. (RTTNews) - The euro area private sector returned to negative territory for the first time since June as accelerating growth of manufacturing was offset by a sharp deterioration in the service sector amid rising Covid-19 worries, flash survey data from IHS Markit showed Friday. The composite output index fell to a four-month low of 49.4 in October from 50.4 in September. A score below 50 indicates contraction. The reading was above economists' forecast of 49.3. The renewed decline raised the possibility that the region could see the economy contract again in the fourth quarter, Markit said. Manufacturing output growth accelerated to the fastest since February 2018, while the service sector output fell for a second successive month, deteriorating at the sharpest rate since May. The manufacturing Purchasing Managers' Index rose to a 26-month high of 54.4 from 53.7 a month ago. The score was expected to fall to 53.1. Meanwhile, the services PMI declined to 46.2 from 48.0 in the previous month. This was the lowest reading in five months and below economists' forecast of 47.0. At composite level, output dropped for the first time in four months. At the same time, new orders decreased moderately in October. Employment was To keep reading about Eurozone Private Sector Undergoes Renewed Downturn, Click on the link. Seoul, Korea
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