Downturn In Eurozone Economy Continues

Downturn In Eurozone Economy Continues


The Eurozone private sector contracted for the seventh successive month in August, flash estimate from Markit Economics showed Thursday.
The composite output index rose marginally to 46.6 from 46.5 in July. The reading was forecast to remain unchanged at 46.5.
The Purchasing Managers' Index for manufacturing rose to 45.3, a four-month high, from 44 in July. The expected reading was 44.2.
Meanwhile, the services PMI came in at 47.5, down from 47.9 in July. The index stayed below the consensus forecast of 47.7.
"Taken together, the July and August readings would historically be consistent with GDP falling by around 0.5%-0.6% quarter-on-quarter, so it would take a substantial bounce in September to change this outlook," Rob Dobson, senior economist at Markit said.



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