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Eurozone services PMI drops to 7-month low in September

FXStreet (Mumbai) - The Eurozone Services Business Activity Index posted 53.7 in September, a seven-month low and below the earlier flash estimate of 54.0.

Key Points

The pace of expansion in new work accelerated slightly since August. Employment rose for the eleventh consecutive month, with increases seen in Germany, Spain and Ireland.

Input price inflation accelerated only marginally from August’s six-month low, while the service charges rose marginally.

As per Chris Williamson, Chief Economist at Markit,“The weakening of the pace of expansion in September raises the risk of growth fading further in the fourth quarter, which would in turn boost the likelihood of the ECB opening the QE taps further.”

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