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10/5/2022, 10:01 AM (Source: TeleTrader)
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EU business activity down in Sept., suggesting recession

Private sector output across the euro area plunged at the highest pace since January 2021, continuing its three-month downturn amid elevated inflation and overall economic uncertainty, according to the report published by the S&P Global on Wednesday.

The final composite output index declined to 48.1 points in September to land at a 20-month low, while the services business activity index fell to 48.8 points to a 19-month low. Both readings remained under the 50-no change mark, suggesting the activity contraction.

Only Irish and French output indexes remained above the no-change levels, the report showed. On the other hand, Germany saw the largest drop in output levels since the 2008 financial crisis. "Any hopes of the Eurozone avoiding recession are further dashed by the steepening drop in business activity," S&P's economist Chris Williamson warned.

Baha Breaking News (BBN) / ND